Silver breaches Rs 4 L/kg mark

New Delhi: Silver prices surpassed the Rs 4 lakh per kilogram mark in the national capital on Thursday, while gold hit a new peak of Rs 1.83 lakh per 10 grams, tracking a sharp rally in global markets and strong investor demand for the safe-haven assets.

According to the All India Sarafa Association, silver extended the gains for the fourth consecutive session and surged Rs 19,500, or 5.06 per cent, to a record Rs 4,04,500 per kilogram. The white metal had closed at Rs 3,85,000 per kilogram on Wednesday.

Gold of 99.9 per cent purity also soared by Rs 12,000, or 7.02 per cent, to scale a new lifetime high of Rs 1,83,000 per 10 grams from the previous close of Rs 1,71,000 per 10 grams. Traders said the sharp uptick in bullion prices was largely in line with the global trend, with gold and silver hitting fresh record highs as investors flocked to safe-haven assets amid rising geopolitical tensions and a weakening US dollar.

In the international market, gold increased by $177.14, or 3.3 per cent, to touch a fresh peak of $5,595.02 per ounce. Spot silver gained $3.59, or 3.07 per cent, to hit a lifetime high of $120.45 per ounce in overseas trade.