After a 10-day slump, Silver prices surged on Wednesday by ₹12,861 to around ₹2.36 lakh per kg in futures trading.
The surge came as the US dollar weakened and concerns over inflation were eased due to a drop in prices of crude oil.
On the Multi Commodity Exchange, Silver soared by ₹12,861, nearly six per cent, to ₹2,36,802 for May delivery.
Analysts attributed the rebound to strong positive sentiment in global precious metals markets and a weaker US dollar.
According to Hareesh V, Head of Commodity Research, Geojit Investments Ltd, the surge was driven by a softer US dollar and easing inflation concerns as crude oil prices corrected.
He added that the fall in energy prices helped ease concerns over higher global interest rates and supported the white metal.
Silver prices saw a rise in the global market too, with May futures climbing $3.87 (about 5.6%) to $73.44 per ounce.
