Silver soars Rs 9,350 to record Rs 2.36 lakh/kg in Delhi; crosses USD 75/ounce mark in int'l markets

New Delhi, Dec 26 (PTI) Silver prices soared by Rs 9,350 to hit a fresh lifetime high of Rs 2,36,350 per 10 grams in the national capital on Friday, tracking strong global cues, according to the All India Sarafa Association.

The white metal had closed at Rs 2,27,000 per kilogram on Wednesday.

Over the past the four sessions, silver prices have added Rs 32,250, or 15.8 per cent, from Rs 2,04,100 per kilogram since December 19.

During the calendar year, the white metal had risen Rs 1,46,650, or 163.5 per cent, from Rs 89,700 per kg recorded on December 31, 2024.

Meanwhile, gold prices maintained their upward momentum in the local bullion market. The precious metal of 99.9 per cent purity jumped Rs 1,500 to touch a new record of Rs 1,42,300 per 10 grams (inclusive of all taxes).

It had finished at Rs 1,40,800 per 10 grams in the previous market session.

So far this year, gold prices have added Rs 63,350, or 80.24 per cent, from Rs 78,950 per 10 grams recorded on December 31, 2024.

"The precious metals rally continued on the last trading day of the week, with gold and silver reaching new record highs once again," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

In the international markets, spot gold rose USD 50.87, or 1.13 per cent, to hit a new lifetime high of USD 4,530.42 per ounce.

"Gold continues to trade at a record high of USD 4,530 per ounce, buoyed by the Fed rate cut expectations and positive undertone in the commodities market. Thin trading condition due to the year-end holidays is exaggerating the moves," Praveen Singh, Head of Commodities and Currencies, Mirae Asset ShareKhan, said.

Spot silver rose to hit USD 75 per ounce-mark for the first time in the overseas trade. The white metal climbed USD 3.72, or 5.18 per cent, to touch a new record of USD 75.63 per ounce in overseas trade.

"Spot silver hit a high of USD 75 during the Asian trading hours on Friday. The strong bullish momentum has attracted more momentum-driven traders, who have been active in the precious metals market since early December," Saumil Gandhi of HDFC Securities said.

This trend has been intensified by the low liquidity that is near the year-end and Christmas holiday season, he added.

Jigar Trivedi, Senior Research Analyst at Reliance Securities, said silver has been in a multi-year supply deficit, global mine output has lagged demand, and above-ground inventories are declining.

He further stated that structural tightness on the physical market could support much higher prices if deficits deepen. Silver is crucial in solar panels, EVs, 5G/AI electronics, and other clean-tech infrastructure.

As these sectors grow, industrial demand may outpace supply further, tightening markets, Trivedi, said, adding that other catalysts are weak dollar and rising safe haven demand could push silver prices to USD 100 per ounce in 2026. PTI HG TRB