Silver breaks historic barrier, tops Rs 3 lakh per kg in futures trade
Market analysts pointed out that silver has recently outperformed gold, supported by rising industrial usage and softness in the US dollar
PTC Web Desk: Silver prices registered an unprecedented jump in the futures market on Monday, scaling past the Rs 3 lakh per kg milestone for the first time, as strong buying interest and upbeat global signals fuelled the rally.
On the Multi Commodity Exchange (MCX), silver contracts for near-term delivery surged sharply, rising Rs 13,553, a gain of 4.71 per cent, to touch a lifetime high of Rs 3,01,315 per kg. The sharp upswing reflects sustained investor appetite amid favourable international trends. Traders said increased participation from investors and expectations of continued demand played a key role in pushing prices to record levels.
Silver prices also soared in overseas markets. On the global commodities platform, March delivery silver futures climbed $5.81, or 6.56 per cent, reaching a historic peak of $94.35 per ounce.
Market analysts pointed out that silver has recently outperformed gold, supported by rising industrial usage and softness in the US dollar, which has made precious metals more attractive to investors.
Experts believe that strong industrial demand, combined with currency movements and global economic uncertainty, may keep silver prices firm in the coming sessions.