Silver spikes above $80 per ounce, MCX futures up 4%

COMEX Silver futures moved up above $80 per ounce as the bullion futures stayed well supported ahead of speeches from few US Fed officials. The metal moved up in tandem with rising risk appetite as WTI Crude sank to six-week low of $85 per barrel after Iran declared Strait of Hormuz open for commercial vessels during Lebanon ceasefire. US dollar index fell well under 98 mark following this and pushed metals higher. COMEX Silver futures hit one-month high and currently trades at $84.64 per ounce, up 3.72% on the day. MCX Gold futures are trading at Rs 259435 per 10 grams, up 4.35% on the day.

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