At Rs 1.4L/kg, silver records new high, up 59% this year – The Times of India

MUMBAI: The price of silver that has been in a bull rally for over three years now, broke above the Rs 1.40 lakh/kg level on Thursday, a new all-time peak in the domestic market after international prices breached the psychologically important $45/ounce mark, a more than 14-year high. A weak rupee also helped the rally in white metal which on MCX recorded a high of Rs 1.37 lakh/kg for Dec futures.

Gold, which had also been in a multi-year rally, saw some softening of prices in the domestic market Thursday, following weak global trend, market players said. On Thursday, gold prices on MCX for Dec delivery hit an intra-day high at Rs 1.14 lakh/10 grams. In the spot market, the yellow metal traded at a slightly lower level, official data showed.According to industry analysts, the coming together of several tailwinds is resulting in this rally in silver and gold. In addition to the US central bank’s dovish rate-cut outlook and expectations of further easing into late 2025, geopolitical uncertainties and weakness of the dollar against most major currencies are fuelling the northward movement for precious metals.