Silver prices surged byRs 5,000to touch a freshall-time high of Rs 2,56,000 per kilogramin the national capital on Wednesday, driven by strong safe-haven demand and robust industrial buying, according to theAll India Sarafa Association. The white metal had closed atRs 2,51,000 per kgin the previous session.
Traders attributed the sharp rise to escalating geopolitical tensions between theUS and Venezuela, which boosted safe-haven appeal. Supply-side constraints and sustained industrial demand further supported the rally in silver prices.
An expert noted that prices were also fuelled by continued investor buying andChina’s export curbs on silver, which came into effect on January 1, tightening global supply.
Meanwhile,gold pricesedged lower. Gold of99.9% purityslipped marginally byRs 100toRs 1,41,400 per 10 grams(inclusive of taxes), compared with Rs 1,41,500 in the previous close.
“Gold prices saw mild profit booking on Wednesday after the recent rally,” saidSaumil Gandhi, Senior Analyst – Commodities at HDFC Securities. He added that a recovery in the US dollar also weighed on gold prices, although ongoing geopolitical risks continue to support safe-haven demand, limiting sharper declines.
In the international market,spot goldfell byUSD 45.22, or1.01%, toUSD 4,449.87 per ounce.Spot silverwas downUSD 2.55, or3.15%, atUSD 78.69 per ounce, after touching an intraday high ofUSD 82.75 per ounce, up1.8%, earlier in the session.
Looking ahead,Renisha Chainani, Head of Research at Augmont, said some profit booking could emerge at current levels. “However, once silver breaks its previous high again, the next levels to watch areUSD 84 (Rs 2,66,000 per kg)andUSD 88.5 (Rs 2,80,000 per kg),” she added.
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