News

Silver Rate Crosses Rs 1,50,000 For First Time: Domestic silver futures crossed the Rs 1.5 lakh mark on Wednesday, tracking global rates. In the international market, the white metal surpassed the $49 an ounce level for the first time ever. 

On commodity derivatives exchange MCX, silver futures (December 5) rocketed by as much as Rs 4,490 -- or 3.1 per cent -- to a record Rs 1,50,282, surpassing the Rs 1,50,000 lakh mark for the first time ever. The March 5 contract surged by Rs 4,280 -- or 2.9 per cent -- to scale an all-time high of Rs 1,51,795 on the bourse. 

On US-based metal derivatives bourse COMEX, white metal futures jumped by as much as $1.7 -- or 3.5 per cent -- to a record $49.20 per ounce.

Add Zee Business as a Preferred Source

At the current levels, gold and silver have rallied more than 55 per cent and 72 per cent, respectively.

ALSO READ: Simply Explained: 7 things gold silver ratio tells investors and a few it doesn’t

A combination of factors has pushed white metal rates higher this year, including persistent global economic uncertainty thanks to the Trump 2.0 administration's tariff policy, anticipated higher industrial demand and a relatively weaker US dollar.

Weakness in the greenback makes non-interest-yielding precious metals like silver and gold more attractive for those holding other currencies.

Unlike gold, silver serves the dual role as both a precious metal and a crucial industrial metal, given that the white metal serves as a critical input for a range of industries including renewable energy, electronics, semiconductors, telecommunications and electric vehicles.

ALSO READ: Gold hits all-time high above $4,000 globallyConcerns about sticky inflation have boosted the appeal of precious metals such as silver as a store of value and hedge against inflation, while geopolitical tensions and trade uncertainties continued to underpin safe-haven demand.Analysts also say that limited supply and institutional interest -- including central bank -- is contributing to the bullish momentum in silver.

Besides, precious metals like silver and gold are in demand during the festive period in India -- which typically starts with Diwali in October and runs through February -- when people line up their major jewellery purchases in light of the festive and wedding season.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

LATEST NEWSBy accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.