Silver jumps 5,000 to hit contemporary peak of 1.15 lakh/kg

According to the All India Sarafa Association, the white steel rallied by ₹4,500 to hit a lifetime excessive of ₹1,10,000 per kilogram (inclusive of all taxes) on Saturday.

As per the Association, gold of 99.9% and 99.5% purity appreciated by ₹200 every to ₹99,570 and ₹99,000 per 10 grams (inclusive of all taxes), respectively.

“Silver prices are surging, reaching a new record high in the domestic market and hitting the highest level in almost 14 years in the international market. This rally is driven by a change in investor interest toward alternatives to gold,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, mentioned.

Additionally, silver futures rallied by ₹2,135 or 1.88% to hit a document excessive of ₹1,15,136 per kilogram on the commodities change.

Meanwhile, probably the most traded gold contracts for August supply climbed by ₹518 or 0.53% to ₹98,336 per 10 grams on the Multi Commodity Exchange (MCX).

“Gold prices saw a positive trend as renewed global tariff tensions kept the outlook firm. With the U.S. imposing additional tariffs on trade partners, including the EU, Canada, and Mexico and broad weakness in the dollar index making bullion a preferred safe-haven,” Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, mentioned.

In the worldwide markets, spot silver rose 1.71% to ₹39.02 per ounce.

Spot gold went up marginally to $3,371.14 per ounce within the international markets.

“Gold has again resumed upside movement with prices poised to again move towards their all-time high, supported by rising tariff related uncertainty, possibility of escalation in the Russia-Ukraine war, and rising demand from ETF investors and central banks for diversification,” Pranav Mer, Vice President, EBG – Commodity & Currency Research at JM Financial Services Ltd, mentioned.

During the week, market members will carefully monitor the inflation knowledge from main economies, together with the U.S., U.Ok./ Euro zone, retail gross sales and shopper sentiments from the U.S., which in flip will present extra route for the bullion costs, Mer added.