New Delhi, Jan 29 (PTI) Silver prices on Thursday breached the Rs 4 lakh per kilogram mark in the national capital, while gold touched a fresh record high of Rs 1.83 lakh per 10 grams, tracking a sharp rally in global markets amid rising geopolitical and economic uncertainty.
According to the All India Sarafa Association, silver extended gains for the fourth consecutive day, surging Rs 19,500, or 5.06 per cent, to an all-time high of Rs 4,04,500 per kilogram (inclusive of all taxes).
The white metal had closed at Rs 3,85,000 per kilogram on Wednesday.
This year, silver prices have risen by Rs 1,65,500, or 69.2 per cent, from Rs 2,39,000 per kg recorded at the end of last year.
“Silver prices surged past the Rs 4 lakh per kg milestone on Thursday, while gold rallied to a record high on the back of strong investor demand and a powerful global rally in precious metals,” Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.
He attributed the sharp uptrend to strong safe-haven demand amid global economic uncertainty and escalating geopolitical tensions.
“Silver, in particular, has been outperforming gold, supported by robust industrial demand and a weakening US dollar, which continues to boost sentiment across the bullion complex,” Garg added.
In the bullion market, gold of 99.9 per cent purity also jumped sharply, gaining Rs 12,000, or 7.02 per cent, to touch a record of Rs Rs 1,83,000 per 10 grams (inclusive of all taxes) from the previous close of Rs 1,71,000 per 10 grams, as per the Association.
“An explosive move extended in gold and silver, with both metals hitting new all-time highs in Thursday’s session. The rally was driven by strong demand for safe-haven assets, strong inflows into ETFs, and a weak US dollar,” Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.
He noted that ongoing geopolitical tensions and global economic uncertainty have reinforced gold and silver’s role as preferred hedges against risk, prompting investors to increase allocations to precious metals.
In the international market, gold increased by USD 177.14, or 3.3 per cent, to touch a fresh peak of USD 5,595.02 per ounce.
“Spot gold posted its largest ever intra-day gain to hit a fresh record high of USD 5,595, driven by heightened geopolitical tensions after the US President Donald Trump threatened Iran with dire consequences to return to talks to reach a new deal on its nuclear programme,” Praveen Singh, Research Analyst, Mirae Asset Sharekhan, said.
The yellow metal prices were also boosted after US Treasury Secretary Scott Bessent indicated that Trump could make an announcement “in the next week or so” about who he will pick to be the next chair of the Federal Reserve.
Spot silver advanced sharply, rising USD 3.59, or 3.07 per cent, to hit a lifetime high of USD 120.45 per ounce in overseas trade.
Sandip Raichura,CEO of Retail Broking and Distribution & Director, PL Capital, said “Gold price movements based on the past may no longer work as we believe the world is witnessing a once in a century phenomenon and therefore gold could head much higher in the next 2 years, possibly crossing USD 8,000 by 2027.” PTI HG BAL DRR HG DR DR
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