Silver Futures Ascend on Rising Spot Market Demand

Witnessing a notable increase, silver prices soared on June 12, 2024, as traders ramped up their investments. The bullish mood in the domestic spot market was largely attributed as the catalyst for this upswing.

Significant Growth in Silver Futures

In an impressive trading day, silver made a sterling performance on the Multi Commodity Exchange with prices for July delivery escalating by ₹461, closing at ₹89,124 per kilogram. The substantial trades counted up to 21,352 lots, indicating a strong interest among market participants in silver as an asset.

Market Analysts Attribute Rise to Domestic Trends

Market experts pointed out that the uptick in silver prices is primarily a result of new market positions being established amid favorable domestic trends. Such trends tend to influence the futures market where traders speculate on price movements.

Adding to the nationwide bullish sentiment, global markets also reflected a rise where silver increased by 0.71 per cent to reach $29.44 per ounce in New York.

Silver, Futures, Demand