Bullion futures continue record rally

Silver prices extended their blistering rally on Thursday, soaring 6 per cent to cross the Rs 4 lakh per kilogram-mark, while gold scaled a lifetime high of Rs 1.8 lakh per 10 grams, tracking record gains in the global markets amid escalating tensions in the Middle East.

Extending the gains for the fifth straight day, silver futures for March delivery surged by Rs 24,434, or 6.34 per cent, to a new record of Rs 4,09,800 per kilogram. In the last five trading sessions, the white metal had surged Rs 91,308, or nearly 29 per cent, from Rs 3,18,492 per kg recorded on January 21.

The rally in silver prices has been swift, with the white metal climbing from Rs 3 lakh to Rs 4 lakh within just eight trading days.

This year, the white metal has delivered a staggering return of 74 per cent. Gold futures too joined the rally, with the February delivery appreciated by Rs 14,864, or nearly 9 per cent, to scale a record high of Rs 1,80,779 per 10 grams.