Silver reaches record high price of Rs 97,100 per kilogram

HDFC Securities reported that silver prices reached record levels of Rs97,100 in the domestic market on Wednesday, while gold prices also increased by Rs250 following robust trends in international markets.

On Tuesday, it had ended at Rs95,950 per kg. In the futures market, silver reached an all-time high of Rs96,493 per kg on the Multi Commodity Exchange (MCX) on Wednesday. At the same time, gold rates rose by Rs250 to reach Rs73,200 for every 10 grams in the country's capital city. During the last session, the prices of valuable metals were fixed at Rs72,950 for every 10 grams.

Saumil Gandhi, a senior analyst at HDFC Securities, stated that the current price for 24 carats spot gold in the Delhi markets is Rs73,200 per 10 grams, showing an increase of Rs250 compared to the last closing price. Comex's spot gold in global markets was priced at $2,352 per ounce, showing a $6 increase compared to the last closing price. Gold prices increased slightly on Wednesday due to safe-haven demand after another ship attack in the Red Sea intensified geopolitical tensions in the Middle East. Gandhi stated that gains in precious metals were limited by hawkish comments from US Federal Reserve officials and an increase in US Treasury yields.