Precious Metals Surge as Dollar Falters and Investors Seek Safe Havens

Silver prices soared to record highs, climbing over 7% to Rs 3.83 lakh per kg, driven by a drop in the US dollar and robust safe-haven demand. Gold also reached new peaks amid geopolitical tensions and investor interest. Analysts highlight global factors, especially developments in China, fueling the rally.

On Wednesday, silver prices skyrocketed over 7%, reaching an unprecedented Rs 3.83 lakh per kilogram in futures trade. This surge was propelled by a weakening US dollar and heightened safe-haven demand.

Gold similarly experienced robust gains, setting a fresh peak of Rs 1.62 lakh per 10 grams, reflecting investor appetite in uncertain global markets.

Analysts point to developments in China and geopolitical tensions as key factors in the metals' rally, while investors await insights from the Federal Reserve's meeting and a potential change in central bank leadership.

(With inputs from agencies.)