Silver prices rose by Rs 5,054 to reach Rs 2.71 lakh per kilogram in futures trading on Tuesday, buoyed by strong gains in international markets amid ongoing geopolitical developments in West Asia and anticipation of important U.S. economic data.
On the Multi Commodity Exchange, silver rose by 1.9 percent, bringing its price to Rs 2,71,217 per kg with a trade volume of 10,497 lots. Renisha Chainani, Head of Research at Augmont, indicated that the precious metal has rebounded from recent lows as investors adopted a cautious approach ahead of peace talks in the Middle East.
Notably, Lebanon announced a limited ceasefire between Hezbollah, backed by Iran, and Israel; however, broader geopolitical uncertainties continued to keep traders on edge. Market expectations had hovered around a potential 60-day ceasefire extension over the weekend. Instead, both sides have remained steadfast in their positions, bringing forth no agreement, Chainani remarked.
In international markets, Comex silver futures for the July contract saw an increase of nearly 3 percent, reaching USD 77.21 per ounce in New York. Chainani highlighted that investors are now closely monitoring the U.S. nonfarm payroll and employment reports scheduled for release later this week, as these will provide insight into labor market strength amidst rising inflation concerns linked to the conflict in West Asia.
Attention is also directed towards remarks from Federal Reserve officials, including Cleveland Fed President Beth Hammack and Fed Governor Michael Barr, for indications about future monetary policy. Chainani noted, “Markets now anticipate the Fed will raise its benchmark interest rate next, a shift from earlier expectations of a rate cut prior to the onset of the Iran conflict. This change reflects rising energy prices and their potential impact on inflation.”
Published on June 2, 2026.
