Silver prices on Monday soared by Rs 7,000 to hit an all-time high of Rs 1.5 lakh per kilogram in the national capital, while gold also scaled a fresh peak of Rs 1,19,500 per 10 grams amid strong global trends as investors turned to the safe-haven asset amid concerns over a possible US government shutdown.

According to the All India Sarafa Association, the precious metal of 99.9 per cent purity climbed Rs 1,500 to touch a lifetime high of Rs 1,19,500 per 10 grams (inclusive of all taxes).

"In the domestic market, both gold and silver reached new record highs, driven by strong bullish cues from overseas markets," said Saumil Gandhi, Senior Analyst -- Commodities at HDFC Securities.