Silver climbs Rs 2,000 to lifetime high; Gold up Rs 430
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 Rs1,03,500 per kg. Gold of 99.9 per cent purity appreciated Rs430 to Rs99,690 per 10 grams (inclusive of all taxes). The precious metal of 99.5 per cent purity increased Rs400 to Rs99,100 per 10 grams (inclusive of all taxes) on Thursday.
The most traded July contract for silver futures rallied by Rs3,833, or 3.78 per cent, to hit an all-time high of Rs1,05,213 per kg on the Multi Commodity Exchange. Additionally, gold futures for August contracts climbed Rs635 to Rs99,214 per 10 grams. Meanwhile, spot gold in the international markets rose $21.58 per ounce, or 0.64 per cent, to $3,393.93 per ounce.
'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 $3,395 per ounce, while MCX gold gained to trade above Rs98,450,' 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.
Also, spot silver went up nearly 4 per cent to trade at $35.80 per ounce in the overseas markets. 'Spot silver has surpassed the previous resistance level of $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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