Gold and Silver Soar to New Heights Amid Global Tensions

Gold and silver prices have reached historic highs due to a combination of industrial demand, geopolitical tensions, and stable interest rates. Silver has moved past the Rs 1 lakh mark, with further increases expected before Diwali, while gold maintains its upward momentum driven by market uncertainties.

Gold prices surged by Rs 350 to reach an unprecedented Rs 81,000 per 10 grams, while silver soared by Rs 1,500 to touch the Rs 1 lakh barrier in the national capital, driven by increasing demand, the All India Sarafa Association reported.

Backing the continuous rally, silver experienced its fifth consecutive day of gains, hitting Rs 1.01 lakh per kg. This was primarily influenced by robust industrial demand, particularly from photovoltaic applications, according to Arun Misra, CEO at Hindustan Zinc Ltd.

Jateen Trivedi, VP at LKP Securities, indicated that silver's rapid ascent hints at potential further gains before Diwali. Gold also maintained its bullish momentum, as market dynamics including global geopolitical tensions and stable interest rates continue to support precious metal prices.

(With inputs from agencies.)