Silver hits another record, gold declines

New Delhi: Silver price extended its record-setting rally for the sixth straight day by rising Rs 3,600 to Rs 2,92,600 per kg in the national capital amid sustained buying by stockists, according to the All India Sarafa Association. However, gold of 99.9 per cent purity retreated from its all-time high level and declined by Rs 1,100 to Rs 1,46,200 per 10 grams from Rs 1,47,300 per 10 grams in the previous session. Silver had closed at Rs 2,89,000 per kilogram. Traders said silver remained resilient on the back of persistent industrial offtake, shrugging off weak global trends. The white metal has now climbed 20.16 per cent, or Rs 49,100, in just six sessions, up from Rs 2,43,500 per kilogram on January 8. Silver continues to outpace gold for the second consecutive year, delivering 22.4 per cent returns. Meanwhile, spot gold and silver extended their decline for the second straight day in the international markets, with prices dipping amid a stronger US dollar and fading geopolitical risk premium after reduced tensions in the Middle East.