New Delhi: After gold, it is now silver’s turn. Silver prices in India today surged ₹2,000 to an all-time high mark of ₹45,000 per kg, Press Trust of India reported, citing All India Sarafa Association. Gold prices touched record highs today but in spot market dipped slightly after touching a record high of 38,470 per 10 grams on Monday. Silver ready soared ₹2,000 to ₹45,000 per kg on Tuesday, while weekly-based delivery surged ₹956 at ₹44,280 per kg. Silver coins were in good demand and traded higher by ₹1,000 at ₹89,000 for buying and ₹90,000 for selling of 100 pieces.
On MCX, October gold futures surged nearly 1% to a new high of ₹38,666 while silver futures contracts jumped nearly 2% to ₹44,584.
In global markets, gold prices also jumped 1% to $1,512.51 an ounce as investors piled into safe haven assets like bullion, bonds and yen over concerns about a prolonged US-China trade war and global growth. Political tensions around the world in places such as Hong Kong and Argentina supported safe-haven assets, including gold. Silver prices climbed 1.8% to $17.36 per ounce, reflecting increasing investor investor in other precious metals. During the session, it hit its highest since January 2018 at $17.42. Platinum rose 1.3% to $863.83 and palladium gained 0.7% to $1,437.98 an ounce.
Gold, along with the Japanese yen and US Treasuries, is seen as a relatively safe investment in times of political and financial uncertainty.
Reflecting increasing risk-off sentiment, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, jumped 0.9% to 847.77 tonnes on Monday.
Back in India, gold and silver prices also benefited from the rupee’s decline against the US dollar as a lower rupee increases the imported cost of precious metal. Rupee today fell to a near six-month low of 71.29 against the US dollar.
