Silver Prices Surge 9% Globally Amid Tensions, MCX Dips on Profit-Booking

• Global silver prices on Comex surged by nearly 9% to $83.79/oz on February 3, driven by rising global tensions.
• On MCX, domestic silver futures closed lower at Rs 2,32,500 per kilogram, a 1.59% decline, due to a firmer dollar and profit-booking.
• Silver saw a correction after the US Federal Reserve held interest rates steady; Kevin Warsh's hawkish stance as potential Fed chair lifted the dollar.
• Geopolitical tensions, including US-Iran relations, Russia-Ukraine war, and Gaza crisis, continue to support silver prices despite recent pullbacks.
• Upcoming macro events like RBI policy, US jobs data, and global PMI releases are expected to influence precious metals volatility.

Why It Matters: Global silver prices surged due to geopolitical tensions, while domestic markets saw a dip from profit-booking and a stronger dollar.