Silver prices surged sharply in futures trade on Tuesday, rising Rs 10,442 to Rs 2.77 lakh per kilogram, as a weaker US dollar and positive global market sentiment boosted demand for the precious metal.

Data from the Multi Commodity Exchange of India (MCX) showed that May delivery silver contracts jumped Rs 10,442, or nearly 4 per cent, to Rs 2,77,602 per kilogram, with a business turnover of 2,300 lots.

Market analysts noted that silver rebounded after a decline in the previous session, supported by a pullback in the US dollar and improved investor sentiment in international markets.

Silver, like gold, is considered a safe-haven asset and often moves inversely to the dollar. Traders said the recent dollar weakness has encouraged buying in the white metal, contributing to the sharp rise in prices during Tuesday’s session.

Analysts expect that global cues, currency movements, and geopolitical developments will continue to influence silver prices in the near term.