Silver price hits record of Rs 1.04 lakh/kg; gold climbs Rs 430/10 gm
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Silver prices hit a lifetime high of Rs 1,04,100 per kilogram in the national capital on Thursday, and gold prices jumped Rs 430 in line with strong global cues, according to the All India Sarafa Association.Continuing the winning run for the fourth straight session, the white metal bounced Rs 2,000 to hit a fresh peak of Rs 1,04,100 per kilogram (inclusive of all taxes) in the local markets HDFC Securities' Senior Analyst of Commodities Saumil Gandhi said the "price of silver reached a new all-time high in the domestic market. The rally is supported by strong fundamentals, higher industrial demand inflation hedging, and tight global supply".On March 19, silver hit its previous all-time high of Rs 1,03,500 per kg.Gold of 99.9 per cent purity appreciated Rs 430 to Rs 99,690 per 10 grams (inclusive of all taxes). The precious metal of 99.5 per cent purity increased Rs 400 to Rs 99,100 per 10 grams (inclusive of all taxes) on Thursday.The most traded July contract for silver futures rallied by Rs 3,833, or 3.78 per cent, to hit an all-time high of Rs 1,05,213 per kg on the Multi Commodity Exchange.Additionally, gold futures for August contracts climbed Rs 635 to Rs 99,214 per 10 grams."Gold prices traded higher, supported by a weaker dollar and renewed safe-haven demand amid lingering tariff uncertainty and US debt concerns. Globally, gold scaled above USD 3,395 per ounce, while MCX gold gained to trade above Rs 98,450," Jateen Trivedi, VP Research Analyst, Commodity and Currency at LKP Securities, said.The broader sentiment in the bullion space remains positive, driven by geopolitical tensions and ongoing imbalance in global trade and financial dynamics, Trivedi added.Meanwhile, spot gold in the international markets rose USD 21.58 per ounce, or 0.64 per cent, to USD 3,393.93 per ounce.Also, spot silver went up nearly 4 per cent to trade at USD 35.80 per ounce in the overseas markets."Spot silver has surpassed the previous resistance level of USD 35 per ounce and is trading above that mark, reaching a 12-year high," Gandhi said.According to Abans Financial Services ' Chief Executive Officer Chintan Mehta, investors are focused on Friday's US non-farm payroll report for further clues on the Federal Reserve's monetary policy direction.In addition, any new geopolitical developments could add another layer of uncertainty, once again driving investors toward the safe haven of gold, Mehta said.
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