Silver surges to fresh record, gold fell marginally

New Delhi: Silver prices surged Rs 9,750 to hit a new record of Rs 2,27,000 per kilogram in the national capital on Wednesday, even as the white metal breached the $72 per ounce-mark in overseas markets, according to the All India Sarafa Association.

On Tuesday, the metal had settled at Rs 2,17,250 per kg. “Spot silver crossed the $72 level as the bullion prices hit record highs in the international markets,” Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

During the calendar year, the white metal has risen by Rs 1,37,300, or 153.06 per cent, from Rs 89,700 per kilogram recorded on December 31, 2024. Gandhi further stated that a weak US dollar, expectations of dovish monetary policy from the US Federal Reserve, and ongoing geopolitical tensions continue to act as tailwinds for the precious metal.

Meanwhile, the precious metal of 99.9 per cent purity retreated from a record high in the local bullion market by a tad and traded lower by Rs 50 at Rs 1,40,800 per 10 grams (inclusive of all taxes) against the previous close of Rs 1,40,850 per 10 grams on Tuesday.