Silver Prices Skyrocket to New Records Amid Economic Uncertainty

Silver prices in the national capital reached a new high of Rs 1,63,000 per kilogram, driven by global market uncertainties and anticipated US interest rate cuts. This marks the second sharp increase within a week, following a previous surge to Rs 1,57,400. Gold prices, however, remained stable.

In an unprecedented rise, silver prices in the national capital surged by Rs 6,000, reaching a record high of Rs 1,63,000 per kilogram on Thursday. This increase is largely attributed to safe-haven buying as global markets face geopolitical and economic uncertainties.

Expectations of interest rate cuts by the US Federal Reserve have further fueled this surge, making this the second significant hike within the span of a week. Earlier, the white metal had jumped Rs 7,400 to close at Rs 1,57,400 on October 6, according to the All India Sarafa Association.

While silver experiences a bullish trend, gold prices in the local bullion market remain stable, holding at their peak levels. Globally, spot gold saw a slight dip, trading at USD 4,039.26 per ounce, whereas silver rose over 1% to reach USD 49.67 per ounce.

(With inputs from agencies.)