Silver prices continued to rise in the national capital, Delhi. On Friday, silver rose ₹5,100 to ₹1,99,500 per kg, a new record high. This information was provided by All India Sarafa Association.
On Thursday, silver prices rose by ₹2,400 to ₹1,94,400 per kg, while on Wednesday it closed with a gain of ₹11,500.
Dilip Parmar, research analyst at HDFC Securities said spot silver in the domestic market has once again touched new highs. Gold prices are also trading near record levels with strong gains.
In the domestic bullion market, 99.9% pure gold rose by ₹1,110 to close at ₹1,33,600 per 10 grams, compared to the previous closing price of ₹1,32,490. Dilip Parmar explained that gold prices have picked up after being stable in recent days.
A weak rupee and strong investor demand are the main reasons behind this surge. Internationally, spot gold rose 58.61 USD (1.37%) to close at 4,338.40 USD per ounce.
Anindya Banerjee, Head of Currencies and Commodities at Kotak Securities, said gold and silver have seen strong returns after the US Federal Reserve's 25 basis point rate cut. Rising inflation risks and possible dollar weakness have attracted investors.
Spot silver rose for a fourth consecutive day, rising more than 1% in overseas markets to touch a fresh high of USD 64.57.
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