Silver prices jump by `2,800 to hit a record high of `1,28,800/kg

Gold prices skyrocketed by Rs 5,080 to hit an all-time high of Rs 1,12,750 per 10 grams in the national capital on Tuesday in line with strong global trends.

The precious metal prices have added Rs 33,800 per 10 grams or nearly 43 per cent in the current calendar year, climbing from Rs 78,950 per 10 grams on December 31, 2024.

According to the All India Sarafa Association, gold of 99.9 per cent purity had closed at Rs 1,07,670 per 10 grams on Monday.

Silver prices also surged by Rs 2,800 to hit a record high of Rs 1,28,800 per kilogram (inclusive of all taxes) on Tuesday. The precious metal had settled at Rs 1,26,000 per kg in the previous market session.

In global markets, gold reached an all-time high of USD 3,659.27 per ounce on Tuesday. The precious metal later traded at USD 3,652.72 per ounce, up by USD 16.81, or 0.46 per cent.

Traders said weak labour market data in the US last week has raised the likelihood of monetary policy easing, which pushed investors towards safe-haven assets such as gold. The dollar's retreat further supported the upward momentum in bullion prices.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 97.29, lower by 0.17 per cent.

Silver may hit `1.5 lakh per kg

Silver prices may climb as high as Rs 1.5 lakh per kg in the coming months, supported by robust industrial demand, a weakening dollar and safe-haven flows amid global uncertainties, according to a report by Motilal Oswal Financial Services. In global markets, the white metal may test USD 50 per ounce level, according to the outlook. In its quarterly outlook, the financial services company said silver has already delivered nearly 37% returns year-to-date on the Multi Commodity Exchange (MCX), outperforming several asset classes.