11 hours ago
- Business
- New Indian Express
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.
