Gold jumps ₹750, silver skyrockets by ₹5,000 per kg to all-time high

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

Extending its gains for the fourth straight day, silver prices spurted by ₹5,000 to hit a fresh record high of ₹99,500 per kg from the previous close of ₹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.

Additionally, gold of 99.5% purity climbed ₹750 to hit a new record high of ₹80,250 per 10 grams. The metal of 99.5% purity had ended at ₹79,500 per 10 grams while gold of 99.9% purity had settled at ₹79,900 per 10 grams on Friday.

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

Further, a positive trend in the overseas markets as well as a fall in equity markets boosted the gold's safe-haven appeal, they added.

In futures trades on the Multi Commodity Exchange (MCX), gold contracts for December delivery jumped ₹493 or 0.63% to ₹78,242 per 10 grams.

During the day, the precious metal had surged ₹591 or 0.76% to Rs 78,340 per 10 grams on Monday.

Silver contracts for December delivery bounced ₹2,822 or 2.96% to hit a high of ₹98,224 per kg.

Silver prices have gained strong upward momentum. As gold prices soar, retail buyers are increasingly turning to silver, viewing it as a relatively cheaper alternative at these levels, especially with gold now touching ₹78,000 for 10 grams.

Globally, Comex gold futures went up 0.52% to $2,744.30 per ounce.

Meanwhile, silver futures spiked 2.91% to hit a 12-year high of $34.20 per ounce in the Asian market hours.