Silver Soars Amid Global Demand: Hits New Peaks

Silver prices in the national capital surged for the third consecutive day, reaching a new high of Rs 1,99,500 per kilogram amid persistent global demand. The bull run is fueled by a weakening rupee and heightened investment interest, as buyers scramble to meet obligations, especially in the derivatives market.

In a continued upward trajectory, silver prices have climbed for the third consecutive day in the national capital, reaching a new pinnacle of Rs 1,99,500 per kilogram, driven by robust global demand. The All India Sarafa Association reported this significant surge, noting a rise of Rs 5,100 on Friday.

The rise comes after silver closed Rs 2,400 higher at Rs 1,94,400 per kilogram on Thursday, following an increase of Rs 11,500 on Wednesday. Analysts attribute this surge to sustained interest in silver as a safe-haven asset amid market volatility and a declining rupee.

Internationally, silver and gold prices are experiencing an upward climb due to a 25 basis points rate cut by the US Federal Reserve and rising inflation concerns. These factors, coupled with increased physical demand from Asian buyers, are exacerbating the price pressure and fueling the bullish trend.

(With inputs from agencies.)