Gold & Silver Hit Record Highs: Silver at ₹3.23 Lakh, Gold Crosses ₹1.5 Lakh

The Indian bullion market witnessed an extraordinary surge today as gold and silver prices shattered all previous records to reach new lifetime highs. Investors and consumers alike were left stunned as the prices of these precious metals continued their relentless upward trajectory. On Tuesday, the Delhi bullion market saw silver prices skyrocket by. Over ₹20,000 in a single day, pushing the metal past the ₹3. 23 lakh per kilogram milestone. Simultaneously, gold prices breached the psychological barrier of ₹1. 50 lakh per 10 grams, marking a historic moment for the Indian commodity market. This unprecedented rally is being driven by a combination of solid domestic demand and a massive spike in international prices.

Silver Records Biggest Single-Day Jump

According to the All India Sarrafa Association, silver prices in the national capital surged by a staggering ₹20,400, or approximately 7 percent, to settle at ₹3,23,000 per kilogram. This follows a significant rise on Monday when the metal had already gained ₹10,000 to close at ₹3,02,600. The rapid appreciation of silver within just 48 hours has caught market analysts by surprise, while the surge is attributed to increased industrial demand, particularly in the electronics and renewable energy sectors, coupled with a shift in investor sentiment towards silver as a high-yield alternative to gold.

Gold Prices Breach Psychological Barrier

Gold wasn't far behind in this record-breaking spree. The price of 99. 9 percent pure gold jumped by ₹5,100 on Tuesday, reaching a new peak of ₹1,53,200 per 10 grams. This comes after a ₹1,900 gain on Monday, which had already pushed the yellow metal to ₹1,48,100. Despite the exorbitant prices making gold increasingly inaccessible for the average middle-class buyer, investment demand remains exceptionally high. Central banks across the globe and institutional investors are continuing to stockpile gold as a hedge against inflation and economic uncertainty, further fueling the price rise.

The domestic rally is a direct reflection of the chaos in international markets, while for the first time in history, spot gold prices crossed the $4,700 per ounce mark on global exchanges. On Tuesday alone, the yellow metal gained $66. 38, or 1. 42 percent, to reach $4,737. 40 per ounce, while spot silver also followed suit, hitting a fresh record high of $95. 88 per ounce. Analysts point to geopolitical tensions, fluctuations in the US Dollar index, and expectations of interest rate cuts by major central banks as the primary catalysts for this global bullion frenzy.

Why Investors are Still Buying

Despite the skyrocketing costs, the appetite for gold and silver shows no signs of waning, while market experts suggest that in times of global economic volatility, precious metals are viewed as the ultimate 'safe-haven' assets. The current trend indicates that investors are prioritizing capital preservation over immediate returns. However, for retail consumers, the situation is becoming increasingly difficult as the wedding season approaches. Experts warn that while the long-term outlook remains bullish, the market could see some profit-booking. Or a minor correction in the short term given the extreme nature of the current spike.

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Disclaimer

This article is for informational purposes only. Investment in the bullion market is subject to market risks. Please consult with a financial advisor before making any investment decisions. Zoom News isn't responsible for any financial losses.