Silver prices touched a fresh peak of ₹1,07,100 per kilogram in the national capital on Friday, according to the All India Sarafa Association. The white metal’s rise of ₹3,000 is being attributed to buying rush by local jewellers and stockists.
As per the association, the precious metal of 99.9 and 99.5 per cent purity traded flat at ₹99,690 and 99,100 per 10 grams (inclusive of all taxes) on Friday.
The white metal had bounced ₹2,000 to hit a fresh peak of ₹1,04,100 per kilogram (inclusive of all taxes) in the local markets on Thursday.
In totality, metal prices have jumped ₹17,400 per kg, or 19.4 per cent, since December 31 last year. Traders said silver prices saw an uptrend due to a rise in domestic demand as well as global influences.
The most-traded July contract for silver increased ₹1,622 to hit a fresh peak of ₹1,06,065 per kg. Also, the contracts for September delivery climbed ₹1,650 to hit a lifetime high of ₹1,07,130 per kg on the Multi Commodity Exchange (MCX).
Spot gold was up 0.2 per cent at $3,359.26 an ounce. Bullion has gained 2.1 per cent for the week so far. U.S. gold futures climbed 0.2 per cent to $3,382.70.
Gold contracts for August delivery fell ₹44 to ₹97,830 per 10 grams on the MCX.
According to Kotak Securities’ AVP-Commodity Research, Kaynat Chainwala, gold is trading firm as investors remain cautious ahead of the US Nonfarm Payrolls data to be released later in the day.
Spot silver rose 1.63 per cent to USD 36.23 per ounce in the global markets.
Brokerage firm Kotak Securities said silver surged hitting a 13-year high amid improving supply-demand fundamentals, and growing investor interest.
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