New Delhi: Silver prices surged to a record high of Rs 97,100 in the domestic market on Wednesday, while gold prices rose by Rs 250 in line with robust global trends, reported HDFC Securities.
Continuing its upward trajectory for the third consecutive session, silver jumped by Rs 1,150 to settle at Rs 97,100 per kg, surpassing Tuesday’s close of Rs 95,950.
In futures trading, silver also reached an all-time peak of Rs 96,493 per kg on the Multi Commodity Exchange (MCX) on Wednesday.
Meanwhile, gold prices climbed by Rs 250 to Rs 73,200 per 10 grams in the national capital, compared to the previous session’s close at Rs 72,950.
“Spot gold prices (24 carats) in Delhi markets are trading at Rs 73,200 per 10 grams, up Rs 250 from the previous close,” noted Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities.
In international markets, spot gold on Comex traded at USD 2,352 per ounce, rising USD 6 from the previous close.
“Gold prices edged higher on Wednesday amidst safe-haven demand following another incident in the Red Sea, contributing to heightened geopolitical tensions in the Middle East. However, gains were capped by hawkish comments from several US Federal Reserve officials and an increase in US Treasury yields,” added Gandhi.
Additionally, silver traded higher at USD 32.05 per ounce, up from USD 31.50 in the previous session, reflecting a 35% year-to-date increase and reaching 12-year highs.
“Gold faced resistance around USD 2,355-2,360 levels on Comex, while MCX Gold encountered selling near Rs 72,450. With the US dollar strengthening and upcoming Personal Consumption Expenditures (PCE) data expected to provide insights into inflation forecasts, profit booking was observed in gold after a strong rally from Rs 71,250 to 72,450 over the last three trading sessions,” explained Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities.
On MCX, the most actively traded July silver contract rose by Rs 52 to Rs 95,500 per kg. However, gold contracts for June delivery on the exchange traded lower by Rs 131, or 0.18%, at Rs 72,049 per 10 grams.
