Silver prices soar to record highs in India driven by strong global cues
Silver prices
rallied ₹1,000 to hit a lifetime high of ₹1.40 lakh per kilogram in
the national capital on Thursday following strong global cues, according to
the All India Sarafa Association.
Gold prices, on the other
hand, dropped by ₹630 to ₹1,17,370 per 10 grams (inclusive of all
taxes) due to poor offtake by retailers. The precious metal had closed at
₹1,18,000 per 10 grams in the previous trade.
Gold of 99.5% purity declined by ₹700 to ₹1,16,700 per
10 grams from ₹1,17,400 per 10 grams in the previous session. Silver
prices marched ahead in line with global trends. In international markets, spot
silver rose more than 2% to hit a high of $45.03 per ounce.
In futures trade, silver prices scaled new record levels. The December contract
of white metal zoomed ₹3,528 or 2.63% to hit a record high of
₹1,37,530 per kilogram. The March 2026 contract soared by ₹3,431 or
2.53% to hit a record peak of ₹1,38,847 per kg on the MCX.
Gold for October delivery also increased by ₹223 or 0.2% to
₹1,12,778 per 10 grams. Similarly, the December contract appreciated by
Rs 262 or 0.23% to ₹1,13,909 per 10 grams. "Gold stayed positive
with gains on MCX, reinforcing the strong bullish sentiment. The rally is
supported by the Fed's
dovish rate-cut outlook and expectations of further easing into late 2025.
Source: https://economictimes.indiatimes.com