Silver prices jumped ₹2,273 to ₹2.34 lakh per kilogram in futures trade on Monday, tracking firm global trends amid geopolitical tensions in West Asia.
On the Multi Commodity Exchange, the white metal for May delivery appreciated by ₹2,273, or 1 per cent, to ₹2,34,768 per kg.
Analysts said the gains in silver prices came as investors tracked developments in West Asia following fresh warnings from US President Donald Trump over the Strait of Hormuz.
Gaurav Garg, Research Analyst at Lemonn Markets Desk, said crude oil prices edged down to USD 111.33 per barrel, reflecting a slight decrease, as traders remain vigilant amid geopolitical uncertainties.
In the international markets, silver futures for the May contract gained 0.2 per cent to USD 73.06 per ounce on the Comex.
Silver prices have remained volatile after Trump issued a fresh ultimatum to Iran and warned of strikes on its power plants and other civilian infrastructure if the Strait of Hormuz is not reopened, Renisha Chainani, Head of Research at Augmont, said.
However, Tehran has rejected the latest ultimatum and continues to carry out attacks on energy assets across West Asia.
On the domestic front, the government’s move to restrict imports of gold, platinum, and silver jewellery from April 1 also supported prices.
In a notification, the Directorate General of Foreign Trade revised the import policy for precious metal jewellery from “Free” to “Restricted,” requiring prior approval for importers for shipments.
Chainani said the move is structurally bullish for domestic silver prices as it tightens the supply of imported jewellery.