Silver prices surge ₹6,000 to record ₹1.63 lakh per kg
What's the story
Silver prices have surged by a whopping ₹6,000 to hit a new all-time high of ₹1.63 lakh per kilogram in Delhi today. The spike is mainly due to safe haven buying in the global market amid geopolitical and economic uncertainties, as well as rising expectations of interest rate cuts by the US Federal Reserve. This is the second time this week that silver has witnessed such a steep surge.
Market trends
On October 6, silver had jumped by ₹7,400 per kg
On October 6, silver had jumped by ₹7,400 to close at ₹1,57,400 per kg. According to the All India Sarafa Association, the metal had closed at ₹1,57,000 per kg on Wednesday In the local bullion market, gold of 99.9% and 99.5% purity remained unchanged at their all-time high levels of ₹1,26,600 and ₹1,26,000 (inclusive of all taxes), respectively, today.
International impact
Global silver prices hit $49.67 per ounce
On the global front, spot gold was trading slightly lower at $4,039.26 per ounce, while silver rose by over 1% to hit a high of $49.67 per ounce. The international market trends have a direct impact on domestic prices, explaining the sharp increase in silver rates in India.