Silver Near $74 on West Asia Risk as India Quotes ₹2.5 Lakh per Kg
Geopolitical threats to oil supply are pushing investors toward precious metals.
Overview
- International silver traded around $73.7 to $74 per ounce with a gain of about 3 percent, described as a recovery after a recent slide.
- Indian retail silver was quoted at ₹250 per gram, or ₹2,50,000 per kg, with Chennai, Hyderabad and Kerala near ₹270 per gram, and listed rates exclude GST and making charges.
- Gold in India rose to ₹15,250 per gram for 24-carat, with reports linking the jump to oil supply threats tied to tensions in West Asia.
- Market reports cited crude price risk, a stronger US dollar and cautious industrial demand, while MCX silver futures showed sharp swings on global cues.
- Recent summaries showed silver fell about 15 percent in March and about 2 percent in April, which set the backdrop for the latest rebound in prices.