Silver futures on the Multi Commodity Exchange (MCX) surged another 3.15% on Monday, October 13, to Rs 1,51,080 per kg, continuing the precious metal’s remarkable rally from the past few weeks.
Gold and silver prices have witnessed an extraordinary surge in recent months, with year-to-date (YTD) gains of over 50% and 70%, respectively. Last week, gold prices touched a new record high of Rs 1,23,677 per 10 grams on Thursday, October 9. In global markets, spot gold crossed the USD 4,000 mark for the first time ever, peaking at USD 4,059.34 per ounce.
Similarly, silver prices extended their historic rally, touching an all-time high of Rs 1,53,388 per kg on October 9. Internationally, spot silver briefly breached USD 51 per ounce, before retreating slightly to close above USD 50.
Experts attribute this sustained rally to geopolitical tensions, rising central bank demand, and investors’ flight to safe-haven assets amid economic uncertainty. Analysts suggest that both gold and silver may remain volatile but continue to attract strong buying interest in the near term.
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