Silver Price Surges 5% to Rs 2,80,754/kg; Analysts Advise 'Buy on Dips'

• Silver prices on MCX surged by 4.75% to Rs 2,80,754 per kilogram on February 4.
• Internationally, spot silver rose 4.27% to $86.85 per ounce, mirroring gold's safe-haven demand.
• A 45% correction from recent highs has spurred strong physical buying, according to Augmont Bullion.
• US Fed chair nomination (Kevin Warsh) and potential Iran deal eased geopolitical worries, impacting dollar and crude.
• Analysts recommend a 'buy on dips, sell on rallies' strategy for silver, expecting consolidation in the $72–$87 range.

Why It Matters: Silver prices saw a significant surge, with analysts recommending a 'buy on dips' strategy amidst volatility.