Silver jumps Rs 5,000; gold slips Rs 100

New Delhi: Silver prices surged by Rs 5,000 to hit a new record of Rs 2,56,000 per kilogram in the national capital, amid strong safe-haven demand and robust industrial buying, according to the All India Sarafa Association.

The white metal closed at Rs 2,51,000 per kilogram on Tuesday. Traders said that escalating tensions between the US and Venezuela have boosted safe-haven appeal, while supply-side constraints and strong industrial usage further amplified the silver prices.

“Silver prices were also driven by sustained buying by the investors and China’s export curbs on silver that came into effect from January 1,” an expert said.

Meanwhile, the price of gold of 99.9 per cent purity slipped marginally by Rs 100 to Rs 1,41,400 per 10 grams (inclusive of all taxes), compared to the previous close of Rs 1,41,500 per 10 grams. In the international market, spot gold fell by $45.22, or 1.01 per cent, to $4,449.87 per ounce. Spot silver was trading lower by $2.55, or 3.15 per cent, to $78.69 per ounce.