Silver Price: Domestic silver futures soared more than 7 per cent to settle at Rs 65,740 on Monday, in line with precious metal rates amid rising COVID-19 cases and worsening ties between the US and China. Precious metals such as gold are often considered safe-haven assets, and any sign of uncertainty boosts their appeal as investors rush away from riskier assets such as equity. Multi Commodity Exchange (MCX) silver futures moved in a range of Rs 63,671-66,164 during Monday's trade, tracking gold prices which climbed to record highs.
The MCX silver futures, which are due for a delivery on September 4, finished the session with a gain of Rs 4,517 - or 7.38 per cent - at Rs 65,740. Last Friday, the MCX silver futures had risen to settle at Rs 61,223.
For the September 4 contract, the average silver price currently stands at Rs 64,982.62.
The price of silver jewellery closed at Rs 64,505 per kilogram on Monday, according to the Mumbai-based India Bullion and Jewellers Association (IBJA), an industry body. The price excludes the incidence of Goods and Services Tax (GST).
#Gold and #Silver Closing #Rates for 27/07/2020#IBJA pic.twitter.com/kFLlB6AmrJ
Gold and silver prices in the country vary from state to state due to VAT or value added tax.
The jewellery prices are arrived at by taking into account factors such as excise duty and making charges.
International silver prices jumped 5 per cent to touch the $25.81 mark, their highest since April 2013 - a gain of almost a third in seven sessions. Investors wagered the Federal Reserve would reaffirm its super-easy policy outlook this week, and a tolerance for higher inflation.
Gold prices also climbed to $1,975 an ounce, having climbed $160 in just six sessions.
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