Silver hits new all-time high of Rs 1.08 lakh per kg on strong demand
MUMBAI: Continuing its upward momentum, silver prices surged by Rs 1,000 to reach a fresh all-time high of Rs 1,08, 100 per kilogram in the national capital on Monday, according to the All India Sarafa Association.
This follows a steady performance on Saturday, when the white metal traded flat at Rs 1,07,100 per kg (inclusive of all taxes), after soaring by Rs 3,000 to hit a previous record high of Rs 1,07,100 per kg on Friday.
In the international market, spot silver rose by 0.9% to USD 36.30 per ounce. On the MCX, silver prices were trading above 106,500 level on Monday.
The recent surge in silver prices is driven by strong industrial demand, particularly from the EV and solar sectors. Further, heightened geopolitical tensions and a weakening dollar have bolstered its appeal as a hedge. Commodity experts suggest that the metal could scale new peaks in the near future.
Tejas Shigreka, Chief Technical Research Analyst Commodities and Currencies at Angel One said that the outlook for silver in the coming weeks appears robust, underpinned by safe-haven demand amid persistent geopolitical and economic uncertainties.
'Ongoing geopolitical tensions—such as the Russia-Ukraine conflict and regional instabilities—alongside macroeconomic challenges, including inflationary pressures, recession risks, and fiscal imbalances in major economies like the United States, are compelling investors to seek refuge in precious metals to safeguard their wealth,' said Shigreka.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
11 minutes ago
- Time of India
HC orders refund of input tax credit on closure of operations
MUMBAI: The Sikkim high court has ruled that businesses are entitled to a refund of unutilised input tax credit (ITC) even upon the discontinuation or closure of operations. The order follows a writ petition filed by SICPA India, a private limited company, which had sought a refund of about Rs 4.4 crore in unutilised ITC after ceasing its manufacturing activities in Sikkim. SICPA, which was a manufacturer of security inks and solutions, had decided to discontinue its Sikkim operations in Jan 2019, selling off its machinery and facilities by March 2020. The company had appropriately reversed ITC on asset sales but was left with a significant unutilised balance in its electronic credit ledger. The company challenged earlier orders from the assistant commissioner and the appellate authority, which had rejected SICPA India's refund application. The authorities had maintained that Section 54(3) of the CGST Act, 2017, limits ITC refunds to only two specific circumstances, neither of which includes business closure. However, SICPA argued that section 49(6) of the CGST Act provides for the refund of balances in the electronic credit ledger, subject to Section 54. They contended that the exceptions carved out in Section 54(3) cannot negate a vested right to ITC and its refund. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo Ankit Kanodia, one of the advocates which represented the company told TOI, "The HC examined the provisions of Sections 49(6) and 54(3) of the CGST Act and relevant case laws, including that of the Karnataka HC, in the case of Slovak India Trading, where refunds of unutilised credit were allowed upon business closure. The HC held that there is no express prohibition in the CGST Act against refunding unutilised ITC upon business closure and that retention of tax without authority of law is impermissible. " The judgment stated, "Although, Section 54(3) of the CGST Act deals only with two circumstances where refunds can be made, however the statute also does not provide for retention of tax without the authority of law." Consequently, in a significant judgment, the HC held that SICPA is entitled to the refund of unutilised ITC claimed by them. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
12 minutes ago
- Economic Times
Stock Radar: Bandhan Bank stocks break out from 1-month consolidation; what should traders do? Check target & stop loss
Bandhan Bank Ltd, part of the private banking space, broke out from 1-month consolidation range earlier in June on the daily charts which has opened room for the stock to head traders can look to buy the stock on dips towards Rs 170 for a possible technical short covering bounce back towards Rs 200-230 levels, suggest private sector bank hit a high of Rs 222 on July 30, 2024, but it failed to hold the momentum. It
Time of India
13 minutes ago
- Time of India
Vijayapura Airport to be operational by year-end
Vijayapura: The prolonged delay in making the Vijayapura Greenfield Airport operational has drawn criticism from both the business community and local residents. Nearly 98 per cent of the airport construction has been completed, with only minor works remaining. According to the Directorate General of Civil Aviation (DGCA), the airport must have a firefighting facility and obtain environmental clearance. Once these requirements are met, the airport will be inaugurated. Industries minister MB Patil said an order has been placed for two Aircraft Rescue and Firefighting (ARFF) vehicles with the Rosenbauer Company in Austria and the vehicles will arrive soon. "Efforts are on to secure environmental clearance and once it is granted, the airport will be inaugurated," he said. The demand for an airport at Vijayapura — a historical place having great tourism potential — has been a longstanding one, spanning over 50 years. It was Kalingappa B Choudhary who was Bijapur MP in 1977 and 1980 who first put forth the demand for an airport at the then Bijapur in Parliament. However, the response to the demand came just 16 years ago with MP Ramesh Jigajinagi pressing for it again. Rajya Sabha MP Sudha Murty, who has adopted Vijayapura district, had raised a question in the House during the session and sought to know when the airport will be inaugurated. She also sought the answer in writing. The answer to her question was "very soon." Sudha Murty has attachment to Vijayapura district and she has been organising various benevolent programmes in the district for the past 25 years though the Infosys Foundation. "Karnataka govt has developed the infrastructure at the airport and once it becomes operational, other works to upgrade it into an international airport will follow," Patil said. Vijayapura airport has come up on the 727 acres at Buranapur-Madabhavi villages off Vijayapura city by the Airports Authority of India (AAI). When Govind Karjol was the public works minister, he evinced interest in speedying the works and now the airport is ready. Infrastructure The new airport features a passenger terminal building, aircraft apron, singular 1.9km runway and car parking facilities. Basically, it was designed to operate small ATR-72-600 type aircraft at a cost of Rs 95 crore and will be able to handle about 200 passengers during peak hours. The state govt has upgraded the airport to facilitate flying of Airbus-320 by releasing additional Rs 127.9 crore. The civil works have been taken up by the public works department and Karnataka Urban Infrastructure Development Finance Corporation (KUIDFC) has funded the civil works. KSIIDC is the nodal agency for supervising the works. M/s RITES of Gurgaon designed the airport.
