New Delhi, Jan 7 : Silver prices surged by Rs 5,000 to hit a new record of Rs 2,56,000 per kilogram in the national capital on Wednesday, 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.
“Gold prices experienced a slight decline on Wednesday as investors took profits following a recent rally,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
He added that a recovery in the US dollar also weighed on gold prices, though persistent geopolitical risks continue to support safe-haven demand for precious metals, which is limiting sharp downside.
In the international market, spot gold fell by USD 45.22, or 1.01 per cent, to USD 4,449.87 per ounce.
Spot silver was trading lower by USD 2.55, or 3.15 per cent, to USD 78.69 per ounce. During the session, the white metal climbed by USD 1.45, or 1.8 per cent, to hit an intraday high of USD 82.75 per ounce in the overseas trade.
Renisha Chainani, Head – Research at Augmont, said, “We could see some profit booking from here, but when it breaks the previous top again, the next level to watch for is USD 84 (Rs 2,66,000 per kg) and USD 88.5 (Rs 2,80,000 per kg).”
