Silver prices rallied `1,000 to hit a fresh peak of `1,26,000 per kilogram

PTI New Delhi

 Rising for the sixth consecutive session, gold prices rallied Rs 1,000 to hit yet another record high of Rs 1,05,670 per 10 grams in the national capital on Monday, lifted by expectations of a rate cut by the US Federal Reserve this month and robust demand in overseas markets.

According to the All India Sarafa Association, the precious metal of 99.9 per cent purity had climbed Rs 1,000 to hit a record high of Rs 1,04,670 per 10 grams on Saturday. In the local market, gold of 99.5 per cent purity jumped Rs 800 to hit a lifetime high of Rs 1,04,800 per 10 grams on Monday. It had settled at Rs 1,04,000 per 10 grams in the previous market session.

Traders said the precious metal surged as investors surged towards safe-haven assets amid growing concerns over the independence of the US Fed and heightened uncertainty around tariff policies. Additionally, silver prices rallied Rs 1,000 to hit a fresh peak of Rs 1,26,000 per kilogram on Monday. 

"Silver hit record high in the domestic markets largely driven by industrial demand in clean energy and electronics supporting with speculative interest driving the price sharply higher. "The recent announcement of the US Geological Survey proposing silver as a critical mineral has created a new wave of momentum as well," Trivesh D, COO at Tradejini, said.