New Delhi: After gold, it is now silver's turn. Silver prices in India today surged 2,000 to an all-time high mark of 45,000 per kg, Press Trust of India reported, citing All India Sarafa Association. Gold prices touched record highs today but in spot market dipped slightly after touching a record high of 38,470 per 10 grams on Monday. Silver ready soared 2,000 to 45,000 per kg on Tuesday, while weekly-based delivery surged 956 at 44,280 per kg. Silver coins were in good demand and traded higher by 1,000 at 89,000 for buying and 90,000 for selling of 100 pieces.

On MCX, October gold futures surged nearly 1% to a new high of 38,666 while silver futures contracts jumped nearly 2% to 44,584.

In global markets, gold prices also jumped 1% to $1,512.51 an ounce as investors piled into safe haven assets like bullion, bonds and yen over concerns about a prolonged US-China trade war and global growth. Political tensions around the world in places such as Hong Kong and Argentina supported safe-haven assets, including gold. Silver prices climbed 1.8% to $17.36 per ounce, reflecting increasing investor investor in other precious metals. During the session, it hit its highest since January 2018 at $17.42. Platinum rose 1.3% to $863.83 and palladium gained 0.7% to $1,437.98 an ounce.

Gold, along with the Japanese yen and US Treasuries, is seen as a relatively safe investment in times of political and financial uncertainty.

Reflecting increasing risk-off sentiment, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, jumped 0.9% to 847.77 tonnes on Monday.

Back in India, gold and silver prices also benefited from the rupee's decline against the US dollar as a lower rupee increases the imported cost of precious metal. Rupee today fell to a near six-month low of 71.29 against the US dollar.

Watch: Gold prices hit a new high, what choices do retail investors have

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