Silver futures hit record high of ₹2.53l/kg as rally continues
What's the story
Silver prices have continued their upward trend, reaching an all-time high on the Multi Commodity Exchange (MCX). The futures price of silver touched ₹2,53,280 per kilogram at 9:05am IST today. This is a 5.63% increase from its previous close of ₹2,39,787. The surge in silver prices can be attributed to several factors including supply constraints and industrial demand.
Market trends
Spot price of silver also hits record high
The spot price of silver has also hit a record high, reaching $82.95 an ounce on December 29. This is a 1.55% increase in a day and a whopping 16.38% increase in a week. The rise in both spot and futures prices indicates strong market demand for silver amid supply constraints and low inventories.
City-wise rates
Silver prices across major Indian cities
In India, silver prices remained largely uniform across major cities with only minor variations due to local taxes, jeweler margins, and logistics costs. As of today, Chennai and Hyderabad recorded the highest price at ₹2,73,900 per kilogram while Mumbai, Delhi, Kolkata, Bangalore and Pune all had a price tag of ₹2,50,900 per kilogram. Ahmedabad and Vadodara also matched this rate for one kilogram of silver.