Silver rockets past Rs 4 lakh mark on MCX; Gold touches lifetime high

Precious metals surged to unprecedented levels on Thursday, with silver futures vaulting past the Rs 4 lakh per kilogram mark on the Multi Commodity Exchange (MCX) and gold touching a fresh lifetime peak. The rally mirrored strong international cues and renewed safe-haven demand amid persistent geopolitical and economic uncertainties. 

Silver prices for March delivery leapt more than 5 per cent to scale a record high, while gold futures for February delivery also spiked sharply, breaching the Rs 1.8 lakh per 10 grams threshold for the first time on the domestic exchange.

In Kerala, gold prices saw a sharp jump during Thursday morning trade. In the state, the price of one sovereign rose by Rs 8,640 to Rs 1,31,160. The price per gram increased by Rs 1,080, reaching Rs 16,395.

Silver rockets to record high on MCX

Silver futures on the MCX jumped by Rs 22,090, or 5.73 per cent, reaching Rs 4,07,456 per kilogram in early trade. The surge followed a similar upswing in global markets, where Comex silver futures climbed to an all-time high of USD 119.51 per ounce.

Analysts attributed the rally to buoyant industrial demand, particularly from the electronics and renewable energy sectors, alongside support from a weakening US dollar. Silver has been consistently outperforming gold in recent sessions, they noted.

Gold breaches Rs 1.8 lakh level, tracks global momentum

Gold futures also registered strong buying interest, with the February contract on MCX rising by Rs 14,586, or 8.8 per cent, to hit Rs 1,80,501 per 10 grams. The upswing aligned with international trends, where Comex gold futures for April delivery surged past the USD 5,600 per ounce mark for the first time, touching a new high of USD 5,626.8 per ounce.

Investor appetite for the yellow metal has strengthened on concerns over global economic stability and escalating geopolitical risks, market watchers said.

Safe-haven demand and global uncertainty drive rally

According to analysts, the broader rally across bullion markets is being fuelled by sustained safe-haven buying. Traders are increasingly turning to precious metals as concerns around global growth, currency volatility, and geopolitical tensions intensify.

(With PTI inputs)