Silver rates in India recovered on February 4th, after crashing by a whopping Rs 1,30,000 in past five days. The start of February had been broadly bearish for silver rates. However, global cues sentiment has turned positive since the previous session as markets absorbed the nomination of Kevin Warsh as the new Fed Chairman and rising geopolitical tensions between the US and Iran.
According to Rahul Kalantri, VP Commodities, Mehta Equities,markets have largely absorbed the nomination of Kevin Warsh as the new Fed Chairman. Safe-haven buying strengthened amid rising geopolitical tensions, after U.S. forces shot down an Iranian drone, although diplomatic talks are still expected to continue. Support also came from a partial U.S. government shutdown and profit-taking in the dollar index from its highs. However, a firmer rupee capped gains for precious metals in domestic markets.
