Silver prices in the national capital, Delhi, have achieved an unprecedented milestone, crossing the ₹2 lakh per kilogram mark for the very first time. This historic surge signifies a new era for the Indian bullion market, driven by escalating demand for precious metals amidst constrained supply. The record-breaking rally has captured the attention of both investors and consumers, as. Silver now trades at its highest-ever levels, reflecting a significant shift in market dynamics.
Historic Milestone for Silver in Delhi
On Wednesday, the spot market in Delhi witnessed a substantial increase of ₹7,300 in silver prices, pushing the white metal to an astonishing ₹2,05,800 per kilogram. This figure Notably surpasses the previous day's closing price of ₹1,98,500 per kilogram, while according to the All India Sarafa Association, this record level was achieved due to solid demand from both domestic and global markets. It marks the first instance of silver breaching the psychologically and economically significant. ₹2 lakh threshold in the capital, underscoring its growing importance in the market.
Demand-Supply Dynamics Fueling the Surge
December has proven to be an exceptionally bullish month for silver. So far this month, silver prices have witnessed an increase of over 20 percent, while data indicates that on the last trading day of November, silver prices in Delhi stood at ₹1,71,200 per kilogram. Since then, the price of silver has surged by a remarkable ₹34,600 per kilogram, bringing considerable gains to those invested in the precious metal. This rapid appreciation highlights the strong confidence in silver and its strong market position.
Market experts attribute this phenomenal rise in silver prices primarily to an unprecedented surge in demand coupled with a constrained supply. Both industrial and ornamental demand for silver has seen a significant uptick in. Domestic and international markets, while mining and production levels have not kept pace. This imbalance between demand and supply has played a crucial role in driving prices upwards. Analysts further suggest that silver prices are likely to continue their upward trajectory in the coming days, making it an attractive option for investors.
Gold Prices Also Witness Upward Momentum
Alongside silver, gold prices in the national capital Delhi have also experienced an upward trend. On Wednesday, gold prices in the local market saw an increase of. ₹600 per ten grams, bringing the price to ₹1,36,500 per 10 grams. The previous day, gold had closed at ₹1,35,900 per 10 grams. Gold prices have also seen a considerable rise throughout December. On the last trading day of November, gold was priced at ₹1,30,160 per. Ten grams, and since then, it has increased by ₹6,340 per ten grams.
International Markets Mirror Domestic Trends
International markets have also shown strong performance for both gold and silver, influencing domestic prices. Spot gold prices increased by $18. 59, or 0. 43 percent, reaching $4,321, while 06 per ounce. On top of that, spot silver prices in the foreign market also crossed the $66 per ounce level for the first time. The white metal's price surged by $2. 77, or 4, while 35 percent, hitting a new record high of $66. 52 per ounce. This international rally reflects global economic uncertainties and the ongoing search for safe-haven investments.
Futures Market Reflects Record-Breaking Silver Performance
On the Multi Commodity Exchange (MCX), India's futures market, silver prices also reached record levels. During the trading session, silver prices surged by ₹8,356 per kilogram, hitting a record high of ₹2,06,111 per kilogram. By 5 PM, silver was trading at ₹2,04,422 per kilogram, up by ₹6,667 per kilogram, after closing at ₹1,97,755 the previous day. This indicates strong investor confidence in the futures market and expectations of further price increases.
Fluctuations in Gold Futures Market
Gold prices on the MCX also experienced fluctuations, while by 5 PM, gold was trading at ₹1,34,217 per ten grams, down by ₹192. During the trading session, gold had touched a day's low of ₹1,33,373, although it had also approached a lifetime high of ₹1,35,249 during the same session. This demonstrates the active and dynamic nature of the gold market, even as it showed a slight dip compared to silver's strong performance.
Experts Forecast Continued Price Appreciation
According to experts, both gold and silver prices are expected to see further increases in the coming days. Factors such as the global economic outlook, geopolitical tensions, and central bank policies will continue to influence the prices of precious metals. The rising industrial demand for silver and the ongoing perception of gold as a safe-haven investment maintain a positive outlook for both metals. This period is crucial for investors, as the precious metals market continues to set new records.
