Silver climbs Rs 2,000 to lifetime high; Yellow metal rises by Rs 430

New Delhi: Silver prices hit a lifetime high of Rs1,04,100 per kilogram in the national capital on Thursday, and gold prices jumped Rs430 in line with strong global cues, according to the All India Sarafa Association. Continuing the winning run for the fourth straight session, the white metal bounced Rs2,000 to hit a fresh peak of Rs1,04,100 per kilogram (inclusive of all taxes) in the local markets. HDFC Securities’ Senior Analyst of Commodities Saumil Gandhi said the “price of silver reached a new all-time high in the domestic market.

The rally is supported by strong fundamentals, higher industrial demand, inflation hedging, and tight global supply”. On March 19, silver hit its previous all-time high of Rs1,03,500 per kg. Gold of 99.9 per cent purity appreciated Rs430 to Rs99,690 per 10 grams (inclusive of all taxes). The precious metal of 99.5 per cent purity increased Rs400 to Rs99,100 per 10 grams (inclusive of all taxes) on Thursday. The most traded July contract for silver futures rallied by Rs3,833, or 3.78 per cent, to hit an all-time high of Rs1,05,213 per kg on the Multi Commodity Exchange. Additionally, gold futures for August contracts climbed Rs635 to Rs99,214 per 10 grams. Meanwhile, spot gold in the international markets rose $21.58 per ounce, or 0.64 per cent, to $3,393.93 per ounce.