Silver Soars to New Heights Amid Strong Demand and Market Trends

Silver prices hit a lifetime high of Rs 2,54,174 per kilogram, maintaining a record-breaking rally amid bullish global trends. The surge is attributed to robust buying interest, US monetary policy shifts, and geopolitical tensions. In contrast, gold showed minor dips due to profit-taking maneuvers.

Silver prices have reached an unprecedented high, continuing a record-breaking surge for the sixth consecutive session as prices touched Rs 2,54,174 per kilogram in futures trade. This growth can be attributed to strong investor demand and supportive global trends.

On the Multi Commodity Exchange (MCX), March delivery silver futures were up 6 percent, hitting a record of Rs 2,54,174 per kilogram. Investors are optimistic, riding on firm international market trends and the falling dollar index for the fifth straight week due to potential US policy easing and US-Venezuela tensions sparking safe-haven buying.

Throughout the year, silver has soared dramatically by Rs 1,66,941 or 191.4 percent from Rs 87,233 on December 31, 2024, amidst China's proposed export restrictions and continued global uncertainties driving investment in precious metals.

(With inputs from agencies.)