Bullion futures scale fresh records

Silver prices surged to cross the Rs 3 lakh-per-kg milestone in futures trade for the first time, supported by strong investor demand and global sentiment in precious metals. Silver futures for March delivery skyrocketed by Rs 13,553, or 4.71 per cent, to hit a record of Rs 3,01,315 per kilogram. Over the past week, silver futures rallied by nearly 14 per cent, or Rs 35,037.

Gold futures too witnessed strong buying interest and scaled fresh records. The yellow metal for the February contract appreciated by Rs 2,983, or 2.09 per cent, to Rs 1,45,500 per 10 grams. The metal has climbed Rs 3,698, or 2.7 per cent, over the previous week.

In the international market, Comex silver futures for March delivery jumped by $5.81, or 6.56 per cent, in the Asian trading session, to hit a record of $94.35 per ounce. Gold for February delivery also climbed by $102.6, or 2.23 per cent, to scale an all-time high of $4,698 per ounce.

On the global front, silver gained $9.2, or 11.6 per cent, last week, while gold added $94.5, or 2.09 per cent, as both metals drew strength from rising geopolitical tensions and a weak US dollar. Analysts said silver’s rally has outpaced gold’s in recent sessions, buoyed by rising industrial demand and supply concerns.