Silver price today: Silver prices surged by Rs 2,597 on Monday, crossing the significant Rs 1.24 lakh threshold per kilogram in futures trading and hitting record highs, following robust performance in global markets.According to market analysis, silver achieved milestone levels domestically whilst reaching its peak since 2011 on COMEX, driven by investors seeking safe-haven assets.During early trading, the December contract of the white metal advanced by Rs 2,597 or 2.13 per cent, reaching an unprecedented level of Rs 1,24,470 per kg.
Silver Prices Hit Record High
“Silver prices surged in the domestic markets after the US administration implemented higher tariffs on Indian products, prompting investors to seek refuge in safe-haven assets. The Indian rupee weakened significantly against the dollar, hitting an all-time low, which further drove up local bullion prices,” said Rahul Kalantri, Vice-President of Commodities at Mehta Equities according to a PTI report.In New York trading, Comex silver futures’ December contract surpassed USD 41 per ounce, marking its highest value in 14 years.The declining trend in the US Dollar continues to positively influence silver prices, as noted by Aksha Kamboj, Vice President – India Bullion and Jewellers Association and Executive Chairperson of Aspect Global Ventures.Regarding economic indicators, various employment reports, including the non-farm payrolls data scheduled for Friday, will be instrumental in determining expectations for potential Federal Reserve interest rate reductions during the September policy meeting, as further explained by Kamboj.(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
