Bullion Buzz: Silver Prices Up On Trump’s Hint Of Possible End To War 

Mumbai, April 1: Silver rates remained steady across metros on Wednesday, inching up in sync with strong global cues. The metal advanced on reports about an end to the war between the US and Iran.

The price of silver was up by ₹5 per gram at ₹255 and ₹2,55,000 per kg at the national level. In Delhi, Mumbai and Kolkata, rates were quoted at ₹255 per gram.

Analysts said silver trends usually shadow gold price movement. And today’s gain is on account of strength across the precious metal complex on changing global cues.

Rates in Chennai, Hyderabad, Trivandrum and Bhubaneswar were ₹265 per gram, up by ₹15 on increased buying of silver for jewellery and industrial purpose. As gold prices remain elevated silver has become the preferred bet among rural and price sensitive investors, leading to increase in demand and a subsequent rise in price.

Prices also hovered around ₹255 per gram in Lucknow, Agra, Jaipur, Ahmedabad, Guwahati and Patna.

On Tuesday, gold and silver prices had gained on the back of continuous rallies in the global market. However, increasing geopolitical tensions between Iran and the US had kept investors on edge.

Trump recently stated that the US war with Iran will last only another two to three weeks. This brings back expectations of normalcy across global markets and lessens fear over inflationary spikes.