Silver jumps Rs 5,000 to hit fresh peak of Rs 1.15 lakh/kg
ADVERTISEMENT According to the All India Sarafa Association, the white metal rallied by Rs 4,500 to hit a lifetime high of Rs 1,10,000 per kilogram (inclusive of all taxes) on Saturday.
As per the Association, gold of 99.9 per cent and 99.5 per cent purity appreciated by Rs 200 each to Rs 99,570 and Rs 99,000 per 10 grams (inclusive of all taxes), respectively.
"Silver prices are surging, reaching a new record high in the domestic market and hitting the highest level in almost 14 years in the international market. This rally is driven by a change in investor interest toward alternatives to gold," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said. Additionally, silver futures rallied by Rs 2,135 or 1.88 per cent to hit a record high of Rs 1,15,136 per kilogram on the commodities exchange. Meanwhile, the most traded gold contracts for August delivery climbed by Rs 518 or 0.53 per cent to Rs 98,336 per 10 grams on the Multi Commodity Exchange (MCX).
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"Gold prices saw a positive trend as renewed global tariff tensions kept the outlook firm. With the US imposing additional tariffs on trade partners, including the EU, Canada, and Mexico and broad weakness in the dollar index making bullion a preferred safe-haven," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said.
In the international markets, spot silver rose 1.71 per cent to USD 39.02 per ounce.
ADVERTISEMENT Spot gold went up marginally to USD 3,371.14 per ounce in the global markets. "Gold has again resumed upside movement with prices poised to again move towards their all-time high, supported by rising tariff related uncertainty, possibility of escalation in the Russia-Ukraine war, and rising demand from ETF investors and central banks for diversification," Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services Ltd, said.
During the week, market participants will closely monitor the inflation data from major economies, including the US, UK/ Euro zone, retail sales and consumer sentiments from the US, which in turn will provide more direction for the bullion prices, Mer added.
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