Silver Scales Rs 1.5 Lakh/Kg, Gold Hit Record Rs 1,19,500/10G

New Delhi – Silver prices on Monday soared by Rs 7,000 to hit an all-time high of Rs 1.5 lakh per kilogram in the national capital, while gold also scaled a fresh peak of Rs 1,19,500 per 10 grams amid strong global trends as investors turned to the safe-haven asset amid concerns over a possible US government shutdown.

According to the All India Sarafa Association, the precious metal of 99.9 per cent purity climbed Rs 1,500 to touch a lifetime high of Rs 1,19,500 per 10 grams (inclusive of all taxes). It had closed at Rs 1,18,000 per 10 grams on Saturday.

In the local bullion market, gold of 99.5 per cent purity also advanced by Rs 1,500 to hit a fresh peak of Rs 1,18,900 per 10 grams, up from Rs 1,17,400 per 10 grams in the previous session.

“In the domestic market, both gold and silver reached new record highs, driven by strong bullish cues from overseas markets,” said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities.

So far this year, the yellow metal prices have risen Rs 40,550, or 51.36 per cent, surging from Rs 78,950 per 10 grams on December 31, 2024.

Silver prices, too, witnessed a sharp rally, and climbed Rs 7,000 to touch a record Rs 1,50,000 per kilogram (inclusive of all taxes), extending gains for the fourth straight session. The white metal had ended at Rs 1,43,000 per kg in the previous trade.

The white metal prices have skyrocketed by Rs 60,300, or 67.22 per cent, in the current calendar year, rallying from Rs 89,700 per kg on December 31, 2024.

In the overseas market, both gold and silver posted robust gains. Spot gold surged 2 per cent to hit an all-time high of USD 3,831.33 per ounce, while spot silver advanced more than 2 per cent to USD 47.18 per ounce.

“Spot gold prices extended its weekly winning streak to the sixth straight week and touched a new record high, driven by trade concerns, huge ETF inflows and Fed rate cut expectations.

“Last week, US President Donald Trump announced fresh tariffs on pharma, heavy-duty trucks and furniture, which will come into effect on October 1,” Praveen Singh, Head of Commodities and Currencies at Mirae Asset ShareKhan, said.

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