Gold falls Rs 500, silver climbs Rs 300 to fresh peak

New Delhi: Silver prices rose by Rs 300 to hit an all-time high of Rs 1,32,300 per kg while gold prices retreated from record levels, dropping by Rs 500, in the national capital on Monday amid firm global trends. According to the All India Sarafa Association, standard gold of 99.9 per cent purity fell by Rs 500 to Rs 1,13,300 per 10 grams, snapping its four-day winning streak.

On Friday, it had rallied by Rs 700 to a record of Rs 1,13,800 per 10 grams. Gold of 99.5 per cent purity also retreated by Rs 500 to Rs 1,12,800 per 10 grams. The yellow metal had closed at Rs 1,13,300 per 10 grams in the previous market session.

On the other hand, silver advanced by Rs 300 to hit a record high of Rs 1,32,300 per kilogram. It had closed at Rs 1,32,000 per kg on Friday. Bullion traders said silver’s sustained rise reflects heightened investor interest and optimism over its industrial demand outlook, with a weak US labour market fuelling bets on easier monetary policy.

Silver prices have zoomed Rs 42,600 per kilogram or 47.5 per cent in the current calendar year, rallying from Rs 89,700 per kg on December 31, 2024. In the global markets, spot gold traded marginally higher at $3,645.12 per ounce while silver was quoted at $42.20 per ounce.

Manav Modi, Analyst – Precious Metal -Research, Motilal Oswal Financial Services, said, “Tensions in the Middle East and fresh NATO involvement in Eastern Europe continued to provide a risk premium for gold.”