Silver prices on Thursday hit a record Rs 4 lakh per kg in futures trading. Gold also reached a new high of Rs 1.8 lakh per 10 grams. It is driven by strong investor demand and significant gains in international markets.
On the Multi Commodity Exchange (MCX), silver futures for March delivery surged by Rs 22,090, or 5.73 %. It reach an all-time high of Rs 4,07,456 per kgs.
Gold soars to Record ₹1.75 Lakh
Gold futures saw strong buying as well. The yellow metal for February delivery jumped Rs 14,586, or 8.8 %, hitting a new peak of Rs 1,80,501 per 10 grams on the MCX.
In international markets, gold futures on the Comex broke the important USD 5,600 per ounce-mark for the first time. The yellow metal for April delivery added USD 286.6, or 5.4 %. It reach a new high of USD 5,626.8 per ounce.
Silver futures increase sharply, break 4 lakh barrier
Comex silver futures also increased sharply, reaching a new record of USD 119.51 per ounce in overseas markets.
Analysts noted that strong industrial demand for silver and a weak US dollar provided extra support for the white metal, that outperforming gold recently. They also mentioned that ongoing safe-haven buying by traders amid economic uncertainty and rising geopolitical tensions continued to drive the rise in bullion prices.
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