Silver Prices Surge Amid Geopolitical Tensions

Market Update

On March 2, the global silver market experienced a significant surge in prices, with ₹10,508 being added to the Indian market and $96.930 to the COMEX market per ounce. The price increase was attributed to rising geopolitical tensions in the Middle East, following a joint operation by the US and Israel in Iran.

Indian Market Performance

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• The MCX silver rate opened at ₹2,78,644 per kg and touched an intraday high of ₹2,85,978, logging an intraday high of 3.75%.
• The physical retail market in Delhi saw:
  • 10 gm coins priced at ₹2,920
  • 100 gm coins priced at ₹29,202
  • 1 kg bars priced at ₹2,92,020

City-wise Silver Rates

Market Analysis

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The surge in silver prices is attributed to investors rushing to safe-haven assets following the US and Israel's joint operation in Iran. Analysts believe that the current geopolitical tensions, including the actions of US President Donald Trump, have contributed to the long-running rally in silver prices.