Silver price has reached a new high on Wednesday, breaking another record in the Indian market. The precious metal price crossed ₹3.75 lakh per kilogram in the country’s market, creating history. On the Multi Commodity Exchange (MCX), silver surged nearly 6 per cent to ₹3,77,655 per kilogram.
Also Read | Silver surges Rs 13,650 per kg, gold climbs as market reopens after weekend
Silver surges in domestic and global markets
The rally was not limited to the domestic market. In the international market, silver prices also moved past the $100 mark. The price of silver per ounce crossed $113 globally. Notably, silver prices have risen by around 60 per cent even before the end of the first month of the year.
Gold also hits record highs
Gold prices also witnessed a sharp rise on the same day. In the international market, gold prices crossed the $5,200 per ounce mark, reaching this level for the first time. Just a few days ago, gold had crossed $5,000 per ounce for the first time. With the continuous rise, both gold and silver prices are setting new records almost daily.
Also Read | Sensex, Nifty rebound in final hour on Tuesday amid optimism over India–EU trade deal
Experts attribute the surge in prices of these precious metals to instability in the global market. Due to this uncertainty, investors are increasingly shifting towards safe-haven assets, which is driving prices higher. Amid the rise in gold and silver prices, the US dollar has weakened significantly and has fallen to its lowest level in four years.
