Silver prices soar to a record high of Rs 97,100 per kg, driven by strong global demand and geopolitical tensions. Gold also gains, but faces resistance.
Photograph: Amit Dave/Reuters
New Delhi, May 29 (PTI) Silver prices hit a lifetime high levels of Rs 97,100 in the local market on Wednesday, while gold prices rose Rs 250 in line with strong trends in the overseas markets, according to HDFC Securities.
Continuing its winning run for the third straight session, silver soared Rs 1,150 to Rs 97,100 per kg. It had closed at Rs 95,950 per kg on Tuesday.
In the futures trade, silver also hit a lifetime peak of Rs 96,493 per kg on the Multi Commodity Exchange (MCX) on Wednesday.
Meanwhile, the gold prices climbed Rs 250 to Rs 73,200 per 10 grams in the national capital.
In the previous session, the precious metal prices had settled at Rs 72,950 per 10 grams.
"Spot gold prices (24 carats) in the Delhi markets are trading at Rs 73,200 per 10 grams, up Rs 250 against the previous close," Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.
In international markets, spot gold at Comex was trading at USD 2,352 per ounce, up USD 6 from the previous close.
"Gold prices rose slightly on Wednesday, as safe haven demand following another attack on a ship in the Red Sea added to heightened geopolitical tensions in the Middle East.
"However, hawkish comments from several US Federal Reserve officials and a jump in US Treasury yields limit the gains in precious metals," Gandhi said.
Additionally, silver also traded higher at USD 32.05 per ounce. In the previous session, it ended at USD 31.50 per ounce. Spot silver prices have gained 35 per cent this year to date, reaching 12-year highs.
"Gold price faced resistance at USD 2,355-2,360 level in Comex, and MCX Gold faced selling around Rs 72,450.
"Amid a rise in US dollar and upcoming Personal Consumption Expenditures (PCE) price index data on Friday, which will hint towards inflation projections, thus profit booking was seen in gold after a positive rally from Rs 71,250 to 72,450 in last three trading sessions," Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.
On the MCX, the most traded July contract of silver gained Rs 52 to trade at Rs 95,500 per kg. However, gold contracts for June delivery were trading lower by Rs 131, or 0.18 per cent, to Rs 72,049 per 10 grams on the bourse.
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