Silver prices surged to a new record on Wednesday, with the metal hitting ₹1,11,000 per kilogram on the Multi Commodity Exchange (MCX). This marks a continued rally driven by strong industrial demand and positive global cues.
Silver futures for July touched ₹1,09,748 per kg, surpassing Tuesday’s high. September futures traded even higher at ₹1.11 lakh per kg. Silver is now nearly 25% above its all-time low of ₹88,050 per kg.
Analysts attribute the rally to solid fundamentals and growing demand from industrial sectors. They advise investors to consider silver as a strong medium-term tactical play.
Gold weakens amid Silver’s strength
Gold, meanwhile, fell for the second straight session. August gold futures dropped by 0.2% to ₹99,329 per 10 grams. This comes after gold crossed the ₹1 lakh mark for the first time earlier this week.
With silver rising and gold slipping, the gold-silver ratio has declined to 91, after staying above 100 during April and May. The ratio shows how many ounces of silver are needed to buy one ounce of gold.
Markets await Fed’s rate decision
Investors are now watching the US Federal Reserve’s policy announcement, expected at 11:30 PM IST. Other global developments, including Iran-Israel tensions and key trade negotiations, are also affecting market sentiment.
Tata Mutual Fund remains bullish on gold in the long run. It cites central bank buying and the Fed’s stance as key support.
LKP Securities’ Jateen Trivedi noted that gold traded within a narrow range of ₹99,150 to ₹99,750 on MCX, while Comex gold hovered around $3,375. He expects gold to trade between ₹98,500 and ₹1,00,500 in the near term.
Also Read: Harbhajan, Dhawan, Raina And Uthappa Join Super60 USA Legends Tournament
To read more such news, download Bharat Express news apps
