Silver soars to hit near Rs 3 L/kg; gold jumps to Rs 1.65 L/10g

New Delhi: Precious metals extended their sharp rally for the second straight day in the national capital, with silver prices surging to Rs 2.98 lakh per kg and gold climbing to Rs 1.65 lakh per 10 grams. Firm global trends, a weak US dollar, which revived investor interest in precious metals after last week’s steep sell-off, contributed to the surge, traders said.

According to the All India Sarafa Association, silver soared by Rs 14,300, or 5.03 per cent, to Rs 2,98,300 per kilogram. The white metal closed at Rs 2,84,000 per kg in the previous session. Gold of 99.9 per cent purity also advanced sharply, gaining Rs 7,400, or 4.69 per cent, to Rs 1,65,100 per 10 grams, compared with Tuesday’s close of Rs 1,57,700 per 10 grams.

“Gold and silver extended their rebound on Wednesday, with gold prices rising over 3 per cent and touching around Rs1.6 lakh per 10gm, while silver jumped as much as 6 per cent intra-day after a period of sharp volatility and correction,” Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.