Silver Prices Today: White metal hits record high of ₹1.04/kg on MCX, spot silver climbs to 13-year high

Silver prices hit a lifetime high of ₹1,04,100 per kilogram in the national capital on Thursday, and gold prices jumped ₹430 in line with strong global cues. On March 19, silver hit its previous all-time high of ₹1,03,500 per kg.

The most traded July contract for silver futures rallied by ₹3,833, or 3.78 per cent, to hit an all-time high of ₹1,05,213 per kg on the Multi Commodity Exchange. Spot silver prices on Thursday, crossed USD 35 mark per ounce and hit its highest level since March 2012. Silver was boosted by a combination of factors such as weaker US dollar, rising geopoltical tension and robust industrial demand.

Gold prices today

Gold of 99.9 per cent purity appreciated ₹430 to ₹99,690 per 10 grams (inclusive of all taxes). The precious metal of 99.5 per cent purity increased ₹400 to ₹99,100 per 10 grams (inclusive of all taxes) on Thursday.

Additionally, gold futures for August contracts climbed ₹635 to ₹99,214 per 10 grams. Meanwhile, spot gold in the international markets rose USD 21.58 per ounce, or 0.64 per cent, to USD 3,393.93 per ounce. Gold, a safe-haven asset during times of political and economic uncertainty, tends to thrive in a low-interest-rate environment.

Spot silver prices

Meanwhile, spot silver jumped 4% to $35.83 per ounce, its highest level since February 2012. As reported by Reuters, the dollar prices fell across the board after weaker-than-expected U.S. private payrolls numbers highlighted continued easing in the labor market and data showed the U.S. services sector contracted for the first time in about a year in May.

Silver typically moves inversely to the US dollar, when the dollar strengthens, silver prices fall, and when it weakens, silver tends to rise. Platinum rose 3.6% to $1,123.88, its highest level since March 2022, and palladium was up 1.8% at $1,018.38.

What's behind the high demand for the white metal?

Silver is vital in industries which used in electronics, solar panels, EVs, medical devices, water purification, catalysts, mirrors, and semiconductors due to due to its top electrical, thermal, and antibacterial properties. 

With rising demand from clean energy and advanced tech, silver is becoming increasingly important beyond traditional uses like jewelry and coins. This can be seen as one of the factors behind the rise. On the geopoltical front, in a move invoking national security concerns, US President Donald Trump has announced a visa ban for international students planning to begin studies at Harvard University. 

Trump has also signed an order which imposes travel restrictions on nationals from 19 countries to the US, citing national security risks, according to the White House. Silver gains on safe-haven demand during economic and geopolitical uncertainty, simlar to gold. Gold held its ground on Thursday as investors looked forward to U.S. non-farm payrolls data due later this week to assess the U.S. interest rate path, while silver prices rose above the key $35 per ounce level for the first time since October 2012.