Silver prices have surged to an all-time high, crossing the ₹1,00,000 mark per kilogram on the MCX platform. Currently, silver futures are trading at ₹99,972, with a daily increase of 10.29%. The significant rise can be attributed to both domestic and global factors, with local festive demand and geopolitical tensions playing pivotal roles.
Technical Overview:
As seen in the technical chart:
- Silver futures touched a high of ₹1,00,012 and a low of ₹88,222, reflecting a sharp upward movement.
- The 5-day Simple Moving Average (SMA) is at ₹92,752.80, while the 10-day SMA stands at ₹90,708.70, indicating strong momentum.
- The 20-day SMA is positioned at ₹87,659.15, showing how quickly the prices have surged beyond previous resistance levels.
This rise comes amid strong domestic demand during the festive season, as local jewellers increase their purchases to meet the surge in demand for precious metals. Globally, heightened geopolitical tensions in the Middle East, particularly due to the ongoing conflict between Israel and militant groups in Gaza, have fueled safe-haven buying of silver and gold. The assassination of key leaders from Hezbollah and Hamas has further escalated tensions, pushing investors toward precious metals as a hedge against uncertainty.
In conclusion, the combination of safe-haven buying, increased local demand due to festivities, and global geopolitical tensions has propelled silver prices to unprecedented levels.
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