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Silver Hits Record High Amid Gold Rally
22 Dec
Summary
- Silver prices reached an all-time high on Monday.
- Silver futures climbed to ₹2,13,412 per kg on MCX.
- Global silver spot price touched a historic USD 69.23 per ounce.
Precious metals experienced a significant rally on Monday, with silver prices scaling an unprecedented all-time high. This surge coincided with gold also touching record levels, indicating broad strength in the precious metals market. Investor sentiment appears buoyed by anticipated interest rate reductions by the US Federal Reserve.
On the Multi Commodity Exchange (MCX), silver March futures saw a substantial rise of 2.39%, trading at ₹2,13,412 per kg after reaching an intraday peak of ₹2,13,844 per kg. Spot silver in the international market climbed 2.7% to a historic USD 69.23 per ounce. Gold also saw gains, with MCX gold February futures up 0.77% and spot gold up 1.2% to a new record of USD 4,391.92 per ounce.
The upward trend extended to other precious metals, with platinum jumping 4.1% to USD 2,054.25 and palladium advancing 4% to USD 1,781.32. Silver's impressive year-to-date surge of 138% significantly outpaces gold, attributed to strong investment inflows and persistent supply constraints tightening the market despite robust demand.
