Editor’s Note
This article reports on the surge in precious metal prices in India, with silver futures hitting a historic high above ₹4 lakh per kilogram and gold also posting significant gains.
Silver prices in India have reached record levels. In futures trading, the price of silver has surpassed 4 lakh rupees per kilogram. Meanwhile, gold has also made a significant leap. Let’s find out today’s update.
If you are thinking of buying gold or silver, this news might surprise you. The prices of gold and silver are continuously setting new records. From India to the international market, precious metals are witnessing a surge like never seen before.
In India, gold has reached close to 1.71 lakh rupees per 10 grams, while silver is trading at the historic level of 4 lakh rupees per kilogram. There is market speculation that if this trend continues, prices could rise further in the coming days.
In the international market on Thursday, the price of gold reached a new record level of $5,591.61 per ounce. Spot gold was seen trading at $5,511.79 per ounce with a gain of 2.1%. Gold has climbed more than 10% so far this week and crossed the $5,000 per ounce level for the first time on Monday.
Silver also reached a record level. Spot silver was seen trading at $118.061 per ounce, while during the session it touched a new all-time high of $119.34 per ounce.
On the Multi Commodity Exchange (MCX) on Wednesday, gold closed at 1,66,355 rupees per 10 grams. Meanwhile, silver reached 3,86,530 rupees per kilogram.
Delhi’s bullion market witnessed a massive rally in silver prices. On Wednesday, silver became more expensive by 15,000 rupees, reaching 3.85 lakh rupees per kilogram. This was the third consecutive day when a significant rally was recorded in silver. Prior to this, on January 26, silver prices had made a heavy jump of 40,500 rupees. Gold was not far behind. Gold with 99.9% purity reached a new peak of 1,71,000 rupees per 10 grams on Wednesday with a gain of 5,000 rupees.
1. Signal from the US Federal Reserve
The US central bank, the Federal Reserve, kept interest rates neutral. Fed Chair Jerome Powell said that inflation is still above the 2% target. This increased uncertainty in the market and investors turned to gold.
2. US-Iran Tensions
US President Donald Trump appealed to Iran for talks on the nuclear deal and warned that future military action could become more severe. In response, Iran warned of retaliatory action against the US, Israel, and their allies. This tension further strengthened the demand for gold.
3. Crypto Companies Investing in Gold
According to a Reuters report, crypto company Tether is planning to invest 10-15% of its portfolio in physical gold. This provided additional support to gold prices.
4. Weakness in the Dollar
The decline in the US dollar strengthened the prices of gold and silver.
5. Silver’s Separate Story
The reasons for the rally in silver prices are its cheaper alternative compared to gold, supply shortage, and rapidly increasing purchases. So far this year, silver prices have increased by more than 60%.
