Silver Skyrockets: Record Highs Amid Global Tensions

Silver prices hit a record high of Rs 2,56,000 per kg in Delhi, driven by safe-haven demand, industrial buying, and geopolitical tensions. Meanwhile, gold prices dipped slightly. China's export restrictions and US-Venezuela tensions are influential factors. Investors eye potential profit-taking as prices remain volatile.

Silver prices soared to an all-time high of Rs 2,56,000 per kilogram in Delhi on Wednesday, reflecting strong demand for the metal as a safe-haven asset amidst rising geopolitical tensions between the United States and Venezuela. This jump in price marks a Rs 5,000 increase in just a day.

Market analysts attribute the surge to investor confidence in silver coupled with robust industrial buying. The introduction of export curbs by China on silver starting January 1 added to the supply constraints, further driving up prices.

Meanwhile, gold dipped slightly with a Rs 100 reduction to Rs 1,41,400 per 10 grams. Analysts note profit-taking by investors and a recovering US dollar influenced this modest decline, despite ongoing geopolitical risks keeping demand for precious metals strong.

(With inputs from agencies.)