Silver soars to record high, crosses Rs 1.14 lakh per kg mark

New Delhi, July 23 (IANS) Silver prices continued their upward march, scaling a new all-time high and crossing the Rs 1.14 lakh per kg mark. This significant rally comes amid strong global cues and steady demand in the domestic market.

The price of silver increased by Rs 1,028 to Rs 1,14,493 per kilogram on Tuesday, up from Rs 1,13,465 the day before, according to the India Bullion and Jewellers Association (IBJA). With this, silver has broken its previous record high of Rs 1,13,867 per kg, set on July 14.

The futures market is also reflecting the steep increase in silver prices. The silver contract for September 5, delivery on the Multi Commodity Exchange (MCX), increased by 0.39 per cent to Rs 1,15,500 per kg, demonstrating traders' and investors' ongoing optimism.

Gold price also saw a significant increase. According to IBJA, the price of 24-carat gold rose by Rs 612 to Rs 99,508 per 10 grams on Tuesday from Rs 98,896 the day before.

Similarly, the price of 18-carat gold reached Rs 74,631 per 10 grams, while that of 22-carat gold increased to Rs 91,149 per 10 grams.

Global trends are also contributing to the surge. On the Comex exchange, silver prices rose by 0.27 per cent to $39.44 per ounce, while gold saw a 0.26 per cent increase, trading at $3,415.20 per ounce.

Analysts attribute the rising prices to persistent global economic uncertainties, increased industrial demand for silver, and renewed investor interest in precious metals as safe-haven assets.

"Looking ahead, US Manufacturing and Services PMI data will be closely tracked for direction. In the near term, gold is expected to remain range-bound with MCX support at Rs 98,500 and resistance near Rs 1,00,500," said Jateen Trivedi of LKP Securities.

--IANS

aps/na