Silver surges Rs 8,500, inches near Rs 2.50 lakh. Here are key levels for Monday’s trade

The recent surge in silver prices, which rose by Rs 8,564 to reach Rs 2,44,999 per kg, can be attributed to renewed buyer interest following disappointing U.S. inflation figures, which have sparked speculation about potential Federal Reserve interest rate cuts this year. Concurrently, gold futures for April increased by Rs 305, reaching Rs 1,56,200 per 10 grams. Internationally, precious metals rebounded sharply from previous declines, with spot silver rising by 2.1% to $77.27 per ounce and spot gold climbing 2.33% to $5,063 per ounce, marking a recovery from a significant drop earlier in the week. Analysts suggest that the gold market remains resilient, particularly with support levels around Rs 1,50,000, which are attracting both physical purchases and investments. A sustained price increase above Rs 1,60,000 could lead to further bullish momentum. For silver, the price action indicates a solid base within the Rs 2,33,000–Rs 2,35,000 range, with potential for significant gains if it breaks above Rs 2,65,000, driven by tightening global supply and steady industrial demand. This analysis highlights the current market dynamics influencing the prices of gold and silver in India, providing insights for investors and traders alike.