Silver Soars to New Heights Amid Global Market Uncertainty
Silver prices hit a record high in the national capital due to strong global trends, while gold faced a decline. The global market's influence, coupled with the US Federal Reserve's outlook, continues to shape the precious metals' trajectory. Analysts predict further gains, supported by liquidity and market conditions.
- Country:
- India
In a striking market development, silver prices surged by Rs 1,000 to reach an unprecedented Rs 1.40 lakh per kilogram in the national capital, driven by robust global cues, as reported by the All India Sarafa Association. Gold, conversely, faced a decline, dropping Rs 630 to Rs 1,17,370 per 10 grams due to weak demand from retailers.
The spike in silver aligns with international market trends, where spot silver climbed over 2% to USD 45.03 per ounce. Futures trade showed similar patterns, with December contracts setting new records. On the flip side, gold futures worldwide saw marginal increases based on geopolitical tensions and Federal Reserve policies aiming to maintain high liquidity.
Analysts highlight global uncertainties and the decreasing reliance on the dollar as key drivers for the heightened purchasing interest in both gold and silver. Economic data releases and policy adjustments in the US will be critical for future price directions of these precious metals, as noted by industry experts.
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