Trading volumes stood at 17,560 lots, reflecting robust participation.
Analysts attributed the price rise to fresh positions built by participants.
Globally, however, silver prices showed a slight dip. In New York, silver traded 0.10% lower at $34.46 per ounce.
Augmont’s bullion report noted that silver has breached the one-month range of $32.5 to $34 per ounce. The next resistance is at $35 an ounce.
According to Augmont, a weaker US economy and ongoing geopolitical tensions have triggered safe-haven buying across precious metals. US economic data showed signs of slowdown, with the services sector shrinking and private hiring decelerating in May.
This has raised expectations of policy easing by the US Federal Reserve.
In terms of technical levels, Augmont pegged support for Indian silver at ₹96,000/kg and resistance at ₹1,01,500/kg. With prices already breaching that level, markets may now eye fresh upside if global cues support the rally.
Meanwhile, gold stayed firm as investors waited for Friday’s (June 6’s) US nonfarm payrolls data.
A disappointing jobs report could strengthen the case for US rate cuts, which typically boost demand for gold.
“The bullion market is cautiously optimistic,” said Aksha Kamboj, Vice President, India Bullion and Jewellers Association. “Uncertainty around US-China trade ties, EU tariffs, and potential Middle East tensions continue to support gold at higher levels. But strong US jobs data could prompt profit booking.”
