Silver prices today jumped to an intraday high of 2,49,900 per kg, rising by around 13,500 against Friday’s close of 2,36,316 per kg, on Multi Commodity Exchange (MCX), despite the US attacked Venezuela over the weekend.
On the international front, silver rates opened with an upside gap and climbed to an intraday peak of $75.968 per ounce, registering nearly a 6% gain from the previous close.
Experts noted that after the US attack on Venezuela, markets are factoring in potential disruptions to silver shipments from Peru and Chad, the world’s two largest silver exporters in global merchandise trade.
On the silver price outlook today, Ponmudi R, CEO of Enrich Money, said that the MCX Silver is trading near 2,45,275, extending its recovery after recent volatility. The bullish channel remains intact, with every dip attracting buying interest. A sustained move above 2,42,000 strengthens the upside bias, opening the path toward 2,46,000– 2,55,000.
US-Venezuela conflict details
In a shocking and unprecedented development that reverberated globally, the United States carried out an attack on Venezuela last Saturday morning and abducted President Nicolás Maduro.
“The United States of America has successfully carried out a large-scale strike against Venezuela and its leader, President Nicolas Maduro, who has been, along with his wife, captured and flown out of the Country. This operation was done in conjunction with US Law Enforcement. Details to follow. …… Thank you for your attention to this matter!” said Donald Trump in a post on Truth Social.
Is it right time to invest in silver?
Ponmudi of Enrich Money further said that the ongoing scenario favors more profit booking, as the white metal has remained highly volatile.
“The overall structure continues to favor accumulation over profit-booking, positioning silver as a high-volatility yet high-reward companion to gold within the ongoing bullion bull cycle,” Ponmudi said.
(This is a developing story)
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
