Silver rebounds Rs 1,000 to Rs 2.46 lakh/kg

New Delhi: Snapping a three-day losing streak, silver prices rebounded by Rs 1,000 to Rs 2.46 lakh per kg in the national capital on Wednesday, tracking strong trends in the international markets, according to the All India Sarafa Association.

Gold of 99.9 per cent purity, however, fell by Rs 300 to Rs 1,56,700 per 10 grams (inclusive of all taxes).

“Silver traded with mild gains on Wednesday, stabilising after recent sharp declines as bargain buying emerged at lower levels,” Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.

He noted that near-term sentiment remains cautious amid a firm US dollar and uncertainty around the policy outlook of the US Federal Reserve. However, safe-haven and ongoing central bank buying continue to provide support on dips.

In the international market, spot silver gained USD 2.06, or 3 per cent, to USD 75.60 per ounce, and gold rose nearly 1 per cent to USD 4,918.64

per ounce.