Silver Soars: The White Metal's Record-Breaking Surge

Silver prices have hit a new peak in India, reaching Rs 1,63,000 per kg, driven by robust industrial demand, global economic uncertainties, and potential US interest rate cuts. This surge is linked to a supply-demand imbalance and increased interest from sectors like solar and electronics.

Silver prices have surged by Rs 6,000, marking a new record at Rs 1,63,000 per kilogram in India's capital. This rise corresponds to the unprecedented USD 50 per ounce level achieved overseas.

Analysts attribute this increase to consistent industrial demand coupled with geopolitical and economic uncertainties, along with potential interest rate reductions from the US Federal Reserve.

Market dynamics show that silver has appreciated by 72 percent year-to-date, with demand heightened by the solar and electronics sectors and predictions of continued supply deficits.

(With inputs from agencies.)