Silver climbs Rs 11,500 to a fresh peak on global cues

New Delhi: Silver prices saw the steepest single-day surge in nearly two months and skyrocketed by ₹11,500 to scale a fresh peak of ₹1,92,000 per kilogram in the national capital on Wednesday, amid robust domestic demand fuelled by global cues. According to the All India Sarafa Association, the white metal closed at ₹1,80,500 per kilogram on Tuesday, and gained ₹11,500 on Wednesday in the local retail markets.

So far this year, silver prices have added ₹1,02,300, or 114.04%, from ₹89,700 per kg on December 31, 2024.

Earlier, such a steep single-day rise in silver price was recorded on October 10 this year when the rate went up by ₹8,500 to ₹1,71,500 per kilogram.

Meanwhile, the price of gold of 99.9% purity climbed ₹800 on Wednesday to ₹1,32,400 per 10 grams (inclusive of all taxes) from the previous close of ₹1,31,600 per 10 grams.

“Gold traded with a modest gain on Wednesday, supported by a softer US dollar and firm expectations of a Federal Reserve rate cut. A cautious market tone, coupled with lingering geopolitical uncertainties, also provided an additional tailwind for the precious metal,” Saumil Gandhi, senior analyst-commodities at HDFC Securities, said.

In the international market, spot gold was trading 0.16% lower at $4,201.70 per ounce.
“Gold continues to consolidate around $4,200 ahead of the FOMC monetary policy decision due tonight. The central bank is expected to cut rate by 25 basis points, however, focus will be on summary of economic projections and the Fed’s take on inflation and job market,” Praveen Singh, research analyst, Mirae Asset ShareKhan, said. Spot silver climbed by 1.53% to hit a record high of $61.60 per ounce. On Tuesday, the white metal rose $2.66, or 4.58%, to touch a lifetime high of $60.82 per ounce. It has gained $3.44, or 5.91%, over the past two sessions, after closing at $58.161 per ounce on Monday.

Gandhi said silver surged to a fresh record high and extended gains after breaking above $60 an ounce for the first time on Tuesday, with traders betting on further monetary easing by the Federal Reserve, continued supply tightness, and strong exchange-traded fund inflows to drive the rally.