New Delhi: Precious metals markets opened on a strong note today, with silver prices skyrocketing by ₹13,000 and gold also witnessing a notable rise.
On the MCX, March silver futures surged over 4%, hitting an all-time high of ₹2,87,990 per kilogram. The previous session had closed silver at ₹2,75,187, and today it opened at ₹2,81,698. Early trading saw prices touch a low of ₹2,80,555 and climb to the day’s high of ₹2,87,990. By 10:20 AM, silver was trading at ₹2,86,380, up ₹11,193 from the previous close.
Gold Prices: Gold also gained momentum, rising by around ₹900. February 5 delivery gold had closed at ₹1,42,241 per 10 grams in the last session and opened today at ₹1,40,501. During early trades, it touched a low of ₹1,40,501 and a high of ₹1,43,173. By 11:20 AM, gold was trading at ₹1,43,084, up ₹843.
Global Market Influence: Internationally, silver prices breached $90 per ounce for the first time, pushing the silver market capitalization beyond $5 trillion. Softer-than-expected inflation data from the U.S. strengthened expectations of a potential rate cut by the Federal Reserve. Meanwhile, ongoing tensions in Iran further fueled safe-haven demand for precious metals.
This surge in gold and silver prices marks one of the strongest rallies since 1979, reflecting both domestic and global factors driving investors toward safe-haven assets.
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