New Delhi, Jul 23 (PTI) Silver prices surged by Rs 4,000 to hit a record high of Rs 1,18,000 per kilogram while gold advanced Rs 1,000 in the national capital on Wednesday due to heavy buying by stockists.
According to the All India Sarafa Association, gold of 99.9 per cent purity climbed Rs 1,000 to Rs 1,01,020 per 10 grams (inclusive of all taxes). It had closed at Rs 1,00,020 per 10 grams in the previous market close.
Gold of 99.5 per cent purity appreciated Rs 900 to Rs 1,00,450 per 10 grams (inclusive of all taxes) on Wednesday. In the previous trade, the yellow metal finished at Rs 99,550 per 10 grams.
“Gold continues to be in demand as global uncertainty rises, largely due to diminishing expectations for a US-EU trade deal ahead of the August 1 deadline.
“This uncertainty has intensified market anxiety, which drives flow towards the safe-haven,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.
The precious metal is also supported by overall weakness in the US Dollar, Gandhi said.
In the national capital, Silver had soared Rs 3,000 to close at Rs 1,14,000 per kg on Tuesday. It had risen by Rs 7,500 per kg in the last three sessions.
Bullion traders said the ongoing bullish sentiment in the silver market is primarily driven by industrial demand.
Meanwhile, silver futures for September delivery climbed Rs 896 or 0.77 per cent to hit a fresh record high of Rs 1,16,551 per kg on the Multi Commodity Exchange (MCX).
Additionally, gold futures for August delivery slipped Rs 24 to Rs 1,00,305 per 10 grams on the commodities bourse.
On the global front, spot gold fell 0.26 per cent to USD 3,422.87 per ounce.
According to Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, investors will await manufacturing and services PMI data from major economies, including the US, the UK and the Eurozone, which will provide more cues trajectory of bullion prices in the near term.
Spot silver climbed 0.26 per cent to USD 39.39 per ounce in the overseas markets. PTI HG HG SHW
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