Silver prices jumped ₹2,163 to ₹2.38 lakh per kg in futures trade on Thursday, tracking a firm global trend after a surprise US Treasury liquidity-support announcement pushed bond yields and the greenback lower.
On the Multi Commodity Exchange, the white metal for the September delivery climbed by ₹2,163, or nearly 1 per cent, to ₹2,38,950 per 10 grams in a business turnover of 10,383 lots.
Analysts said softer US Treasury yields and a weak dollar boosted silver's appeal.
In the international markets, Comex silver futures for the September delivery were trading 1.58 per cent higher at $66.86 per ounce in New York.
"Silver rose to its highest levels in more than two and a half months, after a surprise liquidity support announcement from the US Treasury which knocked down bond yields and the dollar," said Renisha Chainani, Chief Research Officer at Augmont.
The US government said it would at least double the size of its liquidity-support buyback operations, covering securities with maturities ranging from 10 to 30 years.
On Wednesday, minutes from the Fed's latest policy meeting showed deepening concern over inflation, with "several" policymakers appearing ready to raise interest rates and "many" saying borrowing costs would need to increase if inflation fails to decline toward the central bank's 2 per cent target.
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