Silver Soars: Reaching New Heights in Precious Metals

Silver prices crossed the Rs 3 lakh-per-kg milestone in futures trade, driven by robust investor demand and global precious metals sentiment. Silver futures on MCX surged by 4.71%, while gold futures also recorded gains. Internationally, silver and gold reached all-time highs due to geopolitical tensions and a weak US dollar.

Silver prices achieved an unprecedented milestone on Monday, surpassing the Rs 3 lakh-per-kg mark in futures trading, fueled by significant investor demand and overall positive global sentiment in the precious metals sector.

In the Multi Commodity Exchange, March delivery silver futures skyrocketed by Rs 13,553, or 4.71%, setting a new record at Rs 3,01,315 per kilogram. The past week saw silver futures rally by nearly 14%, equivalent to Rs 35,037.

Gold futures mirrored this strong performance, with increased buying interest. The yellow metal's February contract rose Rs 2,983, or 2.09%, reaching Rs 1,45,500 per 10 grams. In the international market, Comex March silver futures climbed by USD 5.81, achieving USD 94.35 per ounce, while gold for February delivery hit USD 4,698 per ounce, driven by geopolitical tensions and a weakening US dollar.

(With inputs from agencies.)