Silver Rate Today, June 2: 999 silver prices in Mumbai, Delhi, Kolkata, Chennai, other cities

Silver prices in the retail market remained unchanged for the fourth-straight day. According to Goodreturns.in, the precious white metal at around 1 pm quoted at ₹ 2.8 lakh per kg.

On the India Bullion and Jewellers Association (IBJA) website at around 1 pm (IST), silver 999 traded at ₹2,66,200 per kg, while it quoted at ₹2,63,250 per kg on June 1.

Silver rates are dynamic owing to a set of factors including heavy reliance on imports, global economic shifts, and local market dynamics.

Factors influencing silver rate today

Silver prices traded higher on the Multi-Commodity Exchange (MCX) in tandem with the movement in the international markets. On the MCX at around 1:05 pm, silver July futures were up over 1.7% or ₹4,562 at ₹2,70,725 per kg.

The gains in the white-metal were seen amid softness in the dollar and bond yield. The US 10-year bond yield was last down by nearly 1%.

The market is facing conflicting cues from the US and Iran while traders evaluate the probability of a ceasefire. Alongside, a halt in peace negotiations as indicated by Tehran risks a prolonged period of elevated energy prices, raising the odds of central banks keeping interest rates higher for longer, or even raise them, weighing on the non-interest yielding assets like gold, silver etc.