Silver Prices Soar to Record High Amid Global Uncertainties

In an unprecedented surge, silver prices soared by Rs 3,000 to achieve a record high of Rs 1,07,100 per kilogram in the national capital on Friday. Local jewellers and stockists have accelerated their buying amid prevailing global macroeconomic uncertainties, driving silver's appeal as a safe-haven asset.

The All India Sarafa Association reported that the white metal climbed Rs 2,000 to reach a fresh peak of Rs 1,04,100 per kilogram, inclusive of all taxes, in local markets on Thursday. This marks a substantial increase of Rs 17,400 per kg, or 19.4 percent, since December 31 of the previous year.

The surge in silver prices is attributed to heightened domestic demand and influences from global markets. The Multi Commodity Exchange (MCX) saw the most-traded July contract for silver hit Rs 1,06,065 per kg, while the September contracts reached a record Rs 1,07,130 per kg. Spot silver in global markets also rose by 1.63 percent, underscoring growing investor interest.

(With inputs from agencies.)