Silver Outshines Gold Again as Prices Touch Fresh High on Strong Global Cues

Silver prices in Delhi jumped ₹2,400 to a new all-time high of ₹1,94,400 per kilogram on Thursday, driven by a weakening rupee and strengthening global cues, including an interest rate cut by the US Federal Reserve. The All India Sarafa Association confirmed this. Silver also rose by ₹11,500 on Wednesday to a record high of ₹1,92,000 per kg. Silver prices have risen by ₹1,04,700, or 116.72 percent, since the beginning of this calendar year, from ₹89,700 per kg on December 31, 2024.

Dilip Parmar, Research Analyst at HDFC Securities, said, "Driven by strong physical and investment demand, silver prices hit another record high on Thursday. A combination of supply shortages in the market, record-breaking international silver prices, and a weak Indian rupee have significantly supported the rally in domestic prices."

He further added that silver has outperformed gold this year due to a combination of global supply shortages, continued high demand from China, and a surge in industrial consumption. Parmar further said, "The spot price of silver is witnessing a strong rally in the domestic market and is expected to move towards Rs 2,10,000 per kg in the coming days."

In the local bullion market, the price of gold of 99.9 percent purity increased by Rs 90 to Rs 1,32,490 per 10 grams from the previous closing price of Rs 1,32,400 per 10 grams. Globally, the spot gold price fell by US$15.55, or 0.37 percent, to US$4,213.12 per ounce.