Silver soars to record high, crosses Rs 1.14 lakh per kg mark
The price of silver increased by Rs1,028 to Rs1,14,493 per kilogram on Tuesday, up from Rs1,13,465 the day before, according to the India Bullion and Jewellers Association (IBJA). With this, silver has broken its previous record high of Rs1,13,867 per kg, set on July 14.
The futures market is also reflecting the steep increase in silver prices. The silver contract for September 5, delivery on the Multi Commodity Exchange (MCX), increased by 0.39 per cent to Rs1,15,500 per kg, demonstrating traders' and investors' ongoing optimism.
'Looking ahead, US Manufacturing and Services PMI data will be closely tracked for direction. In the near term, gold is expected to remain range-bound with MCX support at Rs98,500 and resistance near Rs1,00,500,' said Jateen Trivedi of LKP Securities.
Gold price also saw a significant increase. According to IBJA, the price of 24-carat gold rose by Rs612 to Rs99,508 per 10 grams on Tuesday from Rs98,896 the day before.
Similarly, the price of 18-carat gold reached Rs74,631 per 10 grams, while that of 22-carat gold increased to Rs91,149 per 10 grams.
Global trends are also contributing to the surge. On the Comex exchange, silver prices rose by 0.27 per cent to $39.44 per ounce, while gold saw a 0.26 per cent increase, trading at $3,415.20 per ounce.
Analysts attribute the rising prices to persistent global economic uncertainties, increased industrial demand for silver, and renewed investor interest in precious metals as safe-haven assets.
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