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Silver hits record high in India, crosses $40 mark globally
Silver just hit a record ₹1.23 lakh per kg in India, driven by a weaker rupee and global demand.
This is the first time since 2011 that silver has crossed $40 an ounce worldwide.
The jump is mainly due to rising industrial use, more investors jumping in, and hopes that US interest rates might be cut soon.
Experts say trade tensions and falling rupee are culprits
According to Rahul Kalantri from Mehta Equities, trade tensions and the falling rupee are big reasons for the price hike.
He points out that silver has immediate support at ₹1.18-1.19 lakh per kg and resistance at ₹1.20-1.21 lakh per kg in the domestic market.
Investors are also waiting on key US economic updates this September, which could shake up silver prices even more.