Precious metal prices scaled fresh record highs on Thursday, with silver breaching the Rs 4 lakh per kilogram mark and gold touching an all-time high of Rs 1.8 lakh per 10 grams in futures trading on the Multi Commodity Exchange (MCX).

Silver futures for March delivery jumped Rs 22,090, or nearly 5.7%, to hit a lifetime high of Rs 4,07,456 per kilogram. Gold futures for February delivery also witnessed strong buying, surging Rs 14,586, or 8.8%, to a record Rs 1,80,501 per 10 grams.

The rally mirrored sharp gains in global markets. On the Comex, gold futures crossed the USD 5,600 per ounce level for the first time, while silver futures surged to a new peak of USD 119.51 per ounce. Analysts attributed the surge to persistent safe-haven demand amid economic uncertainty, rising geopolitical tensions and a softer US dollar.

Strong industrial demand, particularly for silver from sectors such as renewable energy and electronics, has helped the white metal outperform gold in recent sessions. Market participants expect bullion prices to remain volatile, tracking global interest rate cues, currency movements and geopolitical developments.