Silver Shines: Record High Prices in National Capital Amid Buyer's Rush
Silver prices have surged to a new high of Rs 1,07,100 per kilogram in the national capital due to increased local demand and global influences. The rise marks a significant 19.4% increase since the end of last year. Traders attribute the price hike to stronger domestic purchase and investor interest.
- Country:
- India
Silver prices have soared to a record-breaking Rs 1,07,100 per kilogram in the national capital, driven by heightened demand from local jewellers and stockists. This surge marks a notable increase in the value of the white metal, as reported by the All India Sarafa Association.
In an upward trend observed throughout the year, silver prices have risen by Rs 17,400 per kg since December 31 last year, equivalent to a 19.4% increase. The precious metal traded stably for purities of 99.9% and 99.5% on Friday, with respective prices of Rs 99,690 and Rs 99,100 per 10 grams.
Market analysts highlight the impact of domestic demand alongside global market influences as key factors driving the metal's valuation. The rise in silver contracts on the Multi Commodity Exchange reflects this, with the most-traded July contract hitting Rs 1,06,065 per kg. Meanwhile, gold saw a slight decrease, trading at Rs 97,830 per 10 grams.
(With inputs from agencies.)
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