Silver prices surged sharply amid geopolitical concerns and increasing hopes of a rate cut by the US Federal Reserve. Silver prices in the capital city Delhi, rallied by ₹6,000 to a fresh new peak of ₹1,63,000 per kg on Thursday. This was affirmed by the All India Sarafa Association. This is the second sharp rally in silver prices in a week. On October 6, it had rallied by ₹7,400 to end at ₹1,57,400 per kg.
Gold of 99.9 per cent and 99.5 per cent purity remained unchanged at their all-time highs of Rs 1,26,600 and Rs 1,26,000 per 10 grams (inclusive of all taxes), respectively, in the local bullion market on Thursday.
Globally, spot gold was trading marginally lower at $4,039.26 per ounce. Silver rose over one per cent to a high of $49.67 per ounce.