Silver prices in India hit all-time high of ₹1.04L
What's the story
Silver prices in India have hit an all-time high today, reaching ₹1,04,000 per kilogram in the spot market. The surge is attributed to strong demand from traders and global uncertainty.
Trading volumes also reflected robust participation at 17,560 lots. Analysts say fresh positions built by participants are driving this price rise.
International market
Global silver prices see slight dip
Despite the surge in India, global silver prices have seen a slight dip. In New York, silver was trading at $34.46 per ounce, down 0.1%.
Augmont, a premier gold and silver refinery, noted that silver has broken out of its one-month range of $32.5 to $34 per ounce with the next resistance level at $35 an ounce.
Market influences
Augmont attributes rise in silver prices to weaker US economy
Augmont attributed the rise in silver prices to a weaker US economy and ongoing geopolitical tensions, which have triggered safe-haven buying across precious metals.
US economic data showed signs of a slowdown with the services sector contracting and private hiring slowing down in May.
This has raised expectations of policy easing by the US Federal Reserve.
Market forecast
Augmont's outlook for Indian silver and gold
Augmont has set support for Indian silver at ₹96,000/kg and resistance at ₹1,01,500/kg.
With prices already breaching that level, markets may now eye fresh upside if global cues support the rally.
Meanwhile, gold remained firm as investors awaited Friday's US nonfarm payrolls data which could strengthen the case for US rate cuts and boost demand for gold.
In Delhi, 10g of 24k gold (99.9% purity) is priced at ₹99,935.