Silver hits ₹1 lakh mark amid surge in demand, gold reaches all-time high to ₹81,000

Silver hits 1 lakh mark amid surge in demand, gold surges all-time high to 81,000

Vaamanaa Sethi
Published22 Oct 2024, 08:51 PM IST
Silver hits  <span class='webrupee'>₹</span>1 lakh mark amid surge in demand, gold reaches all-time high to  <span class='webrupee'>₹</span>81,000.
Silver hits ₹1 lakh mark amid surge in demand, gold reaches all-time high to ₹81,000.(Photo by Dash Cryptocurrency on Unsplash )

The price of gold increased by 350, reaching a new all-time high of 81,000 per 10 grams, while silver surged by 1,500, crossing the 1 lakh mark in the national capital on Tuesday, driven by rising demand, according to the All India Sarafa Association.

Extending its gains for the fifth consecutive day, silver surged by 1,500 to reach a new high of 1.01 lakh per kg, up from its previous close of 99,500 per kg on Monday.

“Silver prices have continued their rapid upward momentum, surging past 100,000 in the physical Indian markets, with the fast-paced rally suggesting that prices could reach 110,000 before Diwali. As retail investors rush to buy silver, spurred by the heavy rise in gold prices, silver appears relatively more affordable at 100,000 per kilogram, while gold is now trading at 78,000 for 10 grams.,” said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

Also Read | Gold price hovers near record high; experts unveil key levels for MCX Gold

Trivedi further added, "The global demand for silver, driven by the electric vehicle (EV) industry and the rising use of photovoltaic technologies in renewable energy, is contributing to a sustainable increase in silver's value. This strong demand outlook, coupled with macroeconomic uncertainty and geopolitical tensions, has provided further support for silver's rally. On the MCX, silver prices have touched the 99,000 mark, buoyed by Comex silver, which has reached $34.40. The breach of the $34 level has ignited fresh buying interest, solidifying silver’s bullish trend. In the short term, silver faces resistance around 100,000- 101,000, with the next target of 110,000 in view. Meanwhile, support for silver is seen in the 96,000- 96,500 range. With Diwali approaching and the sustained demand for precious metals, silver is expected to continue its robust performance, making it an attractive investment in the current market environment."

Furthermore, gold with 99.5% purity surged by 350, reaching a new peak of 80,600 per 10 grams.

What's behind the rally?

Bullion traders attributed the surge in precious metal prices to increased demand in the domestic market, particularly in the industrial and wearable segments.

Additionally, traders noted that prices were driven by concerns over economic growth, particularly in China, along with rising geopolitical tensions in West Asia and the decision by most global central banks to maintain interest rates.

On the Multi Commodity Exchange (MCX), gold futures for December delivery increased by 208 or 0.27%, reaching 78,247 per 10 grams.

“Gold prices have surged again, with buying interest in safe-haven assets such as bullion remaining strong as risky assets continue to underperform. On the MCX, gold prices have risen to 78,300, reflecting a 300 gain, and the bullish momentum continues to drive prices higher. As investors seek refuge in precious metals amid global economic uncertainties, geopolitical tensions, and concerns about the performance of traditional risk assets, gold continues to breach fresh levels above 78,000,” Trivedi said.

Also Read | Gold and silver prices today on 22-10-2024: Check latest rates in your city

Gold prices on the MCX continue to rise as bullish sentiment persists, supported by elevated risk levels. This sustained demand for bullion is expected to keep pushing prices higher in the near term, according to Trivedi.

Market participants are closely monitoring potential changes in interest rates, global conflicts, and macroeconomic indicators, as these will significantly influence gold's future movement, he added.

Meanwhile, silver futures for December delivery rose by 882 or 0.91%, reaching 98,330 per kg.

In the Asian market, Comex gold futures increased by 0.30%, hitting a new record high of USD 2,747.10 per ounce.

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First Published:22 Oct 2024, 08:51 PM IST
Business NewsMarketsCommoditiesSilver hits ₹1 lakh mark amid surge in demand, gold reaches all-time high to ₹81,000

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