New Delhi, 09 April (H.S.):

Domestic spot silver prices surged dramatically in early trading today, climbing more than ₹10,000 per kilogram from Wednesday's opening levels, while futures markets witnessed a stark reversal. This divergence underscores robust physical demand against global jitters, with spot prices ranging from ₹4,09,800 to ₹4,25,000 per kg across major bullion centers.

In Delhi's Bullion Market, silver leaped ₹10,200/kg to trade at ₹2,60,100/kg. Mumbai, Ahmedabad, and Kolkata saw quotes at ₹2,59,900/kg, while Jaipur, Surat, and Pune held steady at ₹2,60,200/kg.

Bengaluru reached ₹2,60,400/kg, Patna and Bhubaneswar ₹2,60,000/kg, Hyderabad ₹2,65,000/kg, and Chennai commanded the national peak at ₹2,65,100/kg.

Contrasting this bullish spot momentum, MCX futures opened weaker: May gold contracts dipped 0.49% to ₹1,51,030 per 10 grams, and June silver futures shed 1.59% to ₹2,36,104/kg. International benchmarks echoed the caution—COMEX gold fell 0.49% to $4,753 per ounce, silver sliding 1.68% to $74.12/oz.

Market expert Mayank Mohan attributes the volatility to West Asia's escalating tensions, where ongoing conflict has rattled global economies. Wednesday's ceasefire reports had fueled a precious metals rally, but renewed ambiguity today reversed those gains, pressuring futures as safe-haven flows ebbed.

Investors now watch regional developments closely, balancing spot strength from industrial and jewelry demand against futures' geopolitical sensitivity.

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Hindusthan Samachar / Jun Sarkar