Silver prices hit record high of Rs 1,20,000 amid US tariff impact

New Delhi: Silver prices on Wednesday surged by ₹2,000 to a record ₹1,20,000 per kilogram in the national capital, as investors rushed to safe-haven assets after the steep US tariff on Indian products came into effect.

According to the All India Sarafa Association, silver had rallied ₹3,000 to ₹1,18,000 per kg on Tuesday.

In the national capital, gold of 99.9 per cent purity rose by ₹500 to Rs 1,01,270 per 10 grams (inclusive of all taxes). The metal had settled at ₹1,00,770 per 10 grams in the previous session.

Gold of 99.5 per cent purity also advanced by ₹400 to Rs 1,00,800 per 10 grams on Wednesday. It had ended at ₹1,00,400 per 10 grams on Tuesday.

“Gold and silver are continuing their upward trajectory amid heightened political uncertainty following President Donald Trump‘s dismissal of Federal Reserve Governor Lisa Cook,” said Renisha Chainani, Head of Research at Augmont. The move has raised concerns over the Fed’s independence and its ability to set policy without political interference, she added.