Silver Price: Domestic silver futures surged more than 3 per cent tracking gains in global rates of precious metals. Multi Commodity Exchange (MCX) silver futures - due for a delivery on September 4 - quoted at Rs 71,350 at the strongest level recorded during the session, up 3.17 per cent - or Rs 2,195 - compared to their previous close of Rs 69,155. At 4:36 pm, the MCX silver futures contract quoted at Rs 71,183, up 2.93 per cent - or Rs 2,028 - from its previous close. (Track Current Silver Price Here)
In the international market, silver climbed 2.1 per cent to $27.97 per ounce. Spot gold climbed 1 per cent to surpass the $2,000 mark as the US dollar weakened to a more than two-year low, with traders also focusing on minutes from the Federal Reserve's last policy meeting set to release this week.
Domestic gold futures rose by as much as Rs 690 - or 1.30 per cent - to Rs 53,965. (Track Current Gold Rate Here)
The dollar index - which measures the greenback a basket of six currencies - was last seen trading 0.34 per cent lower, having fallen as much as 0.40 per cent earlier on Tuesday.
#Gold and #Silver Opening #Rates for 18/08/2020#IBJA pic.twitter.com/IbQmaVF5HO
The opening rate of silver jewellery stood at Rs 69,496 per kilogram on Tuesday, excluding Goods and Services Tax, according to Mumbai-based industry body India Bullion and Jewellers Association. Precious metal prices in the country vary from state to state due to VAT or value added tax.
Jewellery prices are calculated by taking into account factors such as excise duty and making charges.
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