Has Silver Reached a Record High, Surpassing Rs 1.14 Lakh per Kg?
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Synopsis
Silver prices have skyrocketed, crossing the Rs 1.14 lakh per kg mark, marking a historic high. With global economic uncertainties and strong demand, this surge is captivating investors. What does this mean for the future of precious metals? Read on for insights!
Key Takeaways
- Silver prices hit a record high of Rs 1,14,493 per kg.
- Gold prices also increased significantly.
- Global economic uncertainties are driving demand for precious metals.
- Traders remain optimistic about the futures market.
- Investors are showing renewed interest in safe-haven assets.
New Delhi, July 23 (NationPress) Silver prices have continued their impressive ascent, achieving a remarkable all-time high by surpassing the Rs 1.14 lakh per kg threshold. This notable surge is influenced by robust global indicators and sustained demand within the domestic market.
On Tuesday, the price of silver rose by Rs 1,028 to reach Rs 1,14,493 per kilogram, up from Rs 1,13,465 the previous day, as reported by the India Bullion and Jewellers Association (IBJA). With this increase, silver has eclipsed its former record high of Rs 1,13,867 per kg, established on July 14.
The futures market reflects this steep rise in silver prices as well. The silver contract set for delivery on September 5 on the Multi Commodity Exchange (MCX) has risen by 0.39 percent, reaching Rs 1,15,500 per kg, showing a persistent bullish sentiment among traders and investors.
Additionally, gold prices have also seen significant gains. According to IBJA, the price of 24-carat gold increased by Rs 612, reaching Rs 99,508 per 10 grams, up from Rs 98,896 the day prior.
Similarly, the price for 18-carat gold hit Rs 74,631 per 10 grams, while 22-carat gold climbed to Rs 91,149 per 10 grams.
Global market trends are further driving this increase. On the Comex exchange, silver prices rose by 0.27 percent to $39.44 per ounce, while gold experienced a 0.26 percent rise, trading at $3,415.20 per ounce.
Experts attribute the escalating prices to ongoing global economic uncertainties, heightened industrial demand for silver, and renewed interest from investors in precious metals as safe-haven assets.
"As we look ahead, the upcoming US Manufacturing and Services PMI data will be pivotal for market direction. In the short term, gold is anticipated to remain within a range, with MCX support at Rs 98,500 and resistance near Rs 1,00,500," stated Jateen Trivedi of LKP Securities.
Point of View
I recognize the significant implications of the recent rise in silver prices. This trend reflects broader economic conditions and consumer behavior, highlighting the resilience of precious metals in times of uncertainty. Our commitment is to provide clear, accurate reporting to keep our readers informed.
NationPress
23/07/2025
Frequently Asked Questions
What is the current price of silver?
As of July 23, the price of silver is Rs 1,14,493 per kilogram.
Why are silver prices increasing?
Silver prices are rising due to global economic uncertainties, increased industrial demand, and investor interest in safe-haven assets.
How does silver compare to gold prices?
Currently, 24-carat gold is priced at Rs 99,508 per 10 grams, showing significant gains alongside silver.
What are the predictions for silver prices?
Market analysts suggest that silver prices may remain strong due to ongoing demand and global economic factors.
Where can I find reliable information on precious metal prices?
Reliable information can be found through the India Bullion and Jewellers Association (IBJA) and commodity exchanges.
