Silver prices soar past $90/ounce for first time ever
What's the story
Silver prices have hit a new high, crossing the $90 per ounce mark for the first time in history. The surge comes on the back of weaker-than-expected US inflation data and ongoing geopolitical tensions. Spot silver rose over 3% to cross the record $90 per ounce level. The precious metal has been on a strong upward trajectory since late last year, outperforming even gold with a nearly 150% increase amid an October short squeeze and supply constraints.
Global influence
Geopolitical risks and trade tensions impact silver prices
Geopolitical risks continue to mount with US involvement in Venezuela, President Donald Trump's threats of military action amid unrest in Iran, ongoing conflict in Ukraine, and the White House's insistence on acquiring Greenland. These global factors have kept risk sentiment fragile and supportive for precious metals like silver. On the domestic front, the futures price of silver on MCX opened at ₹2,81,295 per kg for 999 purity and continued its upward trend at ₹2,87,735—a 4.56% increase from its previous close.