Whalesbook
Silver Shatters Record
Silver prices surged on Wednesday to an all-time high of ₹2.56 lakh per kilogram in Delhi, marking a significant jump of ₹5,000. This record was propelled by strong safe-haven demand and robust industrial buying.
The white metal surpassed its previous close of ₹2.51 lakh per kilogram. Traders attribute the surge to escalating geopolitical tensions, particularly between the US and Venezuela, which bolsters silver's appeal as a safe asset. Supply constraints and robust industrial usage further amplified the upward pressure. China's implementation of export curbs on silver from January 1 also contributed to the price rally.
Gold Sees Minor Retreat
In contrast, gold prices of 99.9 per cent purity saw a slight decline, slipping by ₹100 to ₹1.41.4 lakh per 10 grams. Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, noted profit-taking after recent gains and a recovery in the US dollar as key factors influencing gold's movement.
However, ongoing geopolitical risks continue to provide a floor for precious metals, limiting any sharp downturn. The sentiment suggests that while short-term fluctuations occur, underlying demand for safe assets remains strong.
Global Markets React
Internationally, spot gold fell by 1.01 per cent to USD 4,449.87 per ounce. Spot silver, despite an overall daily decline of 3.15 per cent to USD 78.69 per ounce, had touched an intraday high of USD 82.75 per ounce in overseas trade, indicating volatility.
Future Outlook
Renisha Chainani, Head of Research at Augmont, suggests potential for profit booking but points to upward potential. "When it breaks the previous top again, the next level to watch for is USD 84 (₹2,66,000 per kg) and USD 88.5 (₹2,80,000 per kg)," she stated, outlining possible future price targets.