Silver Hits Record Rs 1,63,000 per kg

Silver prices surged Rs 6,000 to hit fresh record of Rs 1,63,000 per kilogram in the national capital on Thursday, aided by safe-haven buying in the global market amid geopolitical, economic uncertainties and growing expectations of interest rate cuts by the US Federal Reserve.

The white metal saw such a steep surge for the second time within a week. It had climbed Rs 7,400 to close at Rs 1,57,400 per kg on October 6.

According to the



All India Sarafa Association, silver had closed at Rs 1,57,000 per kg on Wednesday. In the local bullion market, gold of 99.9 per cent and 99.5 per cent purity stayed unchanged at their all-time high levels of Rs 1,26,600 and Rs 1,26,000 (inclusive of all taxes), respectively, on Thursday. 

Globally, spot gold was trading marginally lower at USD 4,039.26 per ounce while silver rose more than 1 per cent to hit a high of USD 49.67 per ounce.