Gold, silver hit all-time high on festive demand

Gold price surged by Rs 750 to hit a record high of Rs 80,650 per 10 gm, while silver skyrocketed by Rs 5,000 per kg in the national capital on Monday, according to the All India Sarafa Association.

Amid the intensifying conflict in West Asia, an interest rate cut by the People’s Bank of China (PBoC) aided the rally in the yellow metal as investors moved towards the safe haven assets, traders said.

Extending its gains for the fourth straight day, silver price zoomed by Rs 5,000 to hit a fresh record high of Rs 99,500 per kg from the previous close of Rs 94,500 per kg on Friday.

According to commodities market experts, the ongoing bullish sentiment in the silver market is primarily driven by industrial demand and gold’s rally. Silver’s upward momentum appears strong. Investors are likely to continue to view dips as buying opportunities, keeping the white metal well-supported in the coming sessions, they said.

Bullion traders attributed the jump in gold prices to pick-up in buying by local jewellers to meet increased demand in the festive and wedding season.