Silver and Gold Prices Surge Amid Global Economic Uncertainty
Silver prices have reached a record Rs 1,04,100 per kilogram, while gold also saw significant gains. This surge is driven by increased industrial demand, inflation hedging, and tight supply, as well as geopolitical tensions. Investors await more clues from the upcoming US non-farm payroll report.
- Country:
- India
In a remarkable turn of events, silver prices soared to an all-time high of Rs 1,04,100 per kilogram in New Delhi on Thursday. Gold also experienced a surge, with prices jumping by Rs 430, powered by robust global trends.
The fourth consecutive session of gains saw silver rally by Rs 2,000, hitting its fresh peak in the local markets. According to Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, this rally is fueled by strong fundamentals, increased industrial demand, inflation hedging, and restricted global supply.
In the futures market, silver and gold contracts saw hikes, with geopolitical tensions and global trade imbalances adding upward pressure. Market focus is now on the US non-farm payroll report for insights on future Federal Reserve moves.
(With inputs from agencies.)
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