Silver soars to INR 2.92 lakh/kg
Silver price extended its record-setting rally for the sixth straight day by rising INR3,600 to INR2,92,600 per kg in the national capital on Friday amid sustained buying by stockists, according to the All India Sarafa Association.However, gold of 99.9 per cent purity retreated from its all-time high level and declined by INR1,100 to INR1,46,200 per 10 grams (inclusive of all taxes) from INR1,47,300 per 10 grams in the previous session.
Silver had closed at INR2,89,000 per kilogram on Thursday. Traders said silver remained resilient on the back of persistent industrial offtake, shrugging off weak global trends. The white metal has now climbed 20.16 per cent, or INR49,100, in just six sessions, up from INR2,43,500 per kilogram on January 8.Silver continues to outpace gold for the second consecutive year, delivering 22.4 per cent returns. Meanwhile, spot gold and silver extended their decline for the second straight day in the international markets, with prices dipping amid a stronger US dollar and fading geopolitical risk premium after reduced tensions in the Middle East.
Spot gold fell by USD 12.46, or 0.27 per cent, to USD 4,603.51 per ounce.“Spot gold is trading 0.25 per cent down at around USD 4,606 per ounce. The yellow metal is under pressure as the US strike on Iran has been averted,” Praveen Singh, Head of Commodities, Mirae Asset ShareKhan, said.
Spot silver fell 2.26 per cent, or USD 2.08, to USD 90.33 per ounce on Friday.In the previous session, the white metal had increased to a fresh record of USD 93.57 per ounce before plunging nearly 8 per cent to an intraday low of USD 86.30 per ounce after the US administration refrained from imposing an import tax on silver and other critical metals.The metal had settled at USD 92.34 per ounce on Thursday.“Precious metals eased on Friday after touching record highs earlier in the week, pressured by a firm US dollar and reduced expectations of an imminent Federal Reserve interest rate cut,” Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.
