Silver Futures Cross Rs 4 Lakh Per Kg on Strong Global Cues
Bullion rally fueled by strong global demand, safe haven buying and weak US dollar
New Delhi, Jan 29: Silver prices on Thursday surged past the Rs 4 lakh per kilogram mark in futures trade, while gold touched an all time high of Rs 1.8 lakh per 10 grams, driven by strong investor demand and robust gains in international markets.
On the Multi Commodity Exchange (MCX), silver futures for March delivery jumped Rs 22,090, or 5.73%, to hit a record Rs 4,07,456 per kilogram. Gold futures for February delivery also climbed sharply, rising Rs 14,586, or 8.8%, to reach Rs 1,80,501 per 10 grams.
In the global market, gold futures on the Comex surpassed USD 5,600 per ounce for the first time, gaining USD 286.6, or 5.4%, to trade at USD 5,626.8 per ounce for April delivery. Silver futures overseas also hit a record high of USD 119.51 per ounce.
Analysts attributed the rally in silver to strong industrial demand and a weaker US dollar, which boosted the white metal. Persistent safe-haven buying amid economic uncertainties and escalating geopolitical tensions further fueled the surge in bullion prices, with silver outperforming gold in recent sessions.
