New Delhi: Silver prices soared past the Rs 2 lakh-per-kg mark on Friday, marking a major milestone for the precious metal. Backed by strong investor demand and supportive global cues, silver futures continued their rally for the fourth straight session. On the MCX, March delivery contracts climbed by Rs 1,420 (0.71 per cent), hitting a record high of Rs 2,00,362 per kg. The bullish sentiment was mirrored globally as well, with Comex silver futures touching a new peak of USD 64.74 per ounce.
Why Silver Prices Are Surging
Silver has been on a powerful upward run, fuelled by rising industrial demand, shrinking global stockpiles and growing interest from investors. Additional triggers including US Federal Reserve rate cuts and heightened geopolitical tensions have only strengthened its appeal. So far this year, domestic spot gold has risen by 70 per cent, while spot silver has delivered an impressive 115 per cent jump.
Dollar Weakness Adds More Support to Bullion
The US dollar is trading close to a two-month low and is heading for its third consecutive weekly decline, making precious metals cheaper for global buyers. According to analyst Zain Vawda of MarketPulse by OANDA, the jump in US weekly jobless claims and rising tensions between the US and Venezuela are also boosting safe-haven demand, helping gold maintain its strong momentum.
Rising Jobless Claims and Global Demand Trends
US jobless claims rose last week by the most in nearly four and a half years, reversing the sharp drop seen earlier. This comes just after the US Federal Reserve cut interest rates by 25 basis points for the third time this year, while signalling the possibility of more cuts ahead.
