Silver prices soar from Delhi to New York, setting new price records
If we consider just the month of December, the price of silver has increased by 7.50 percent as of December 9th, while the price of gold has not increased even by 0.50 percent. Let us also tell you what kind of figures are being seen in the country's futures market.
Silver prices have seen a massive increase from India to the US. While gold prices have surpassed $60 per ounce abroad, silver prices in India have also reached new record levels.
Furthermore, the countdown to the 2 lakh mark has begun. The remarkable thing is that the rise in silver prices has been much greater than that of gold.
In December alone, silver prices have increased by 7.50 percent as of December 9th, while gold prices haven't even seen a 0.50 percent increase.
Now the biggest question is why has silver prices seen this increase? There are two major factors at play. The first is a potential rate cut at the Fed policy meeting, and the second is a significant decrease in production.
Experts predict that silver prices could rise further in the coming days. Let us also explain what kind of data is being seen in the country's futures market.
Huge increase in the price of silver
Silver prices have seen a significant increase on the Multi Commodity Exchange (MCX) futures market. According to MCX data, silver prices rose by ₹6,322 on Tuesday, reaching ₹1,88,064 per kilogram.
Silver prices also reached a record high of ₹1,88,665 per kilogram during the trading session. Experts believe that given the surge in silver prices, prices could reach ₹2 lakh in the coming days.
Meanwhile, the price of gold has also seen an increase. According to MCX data, the price of gold has increased by ₹145 to reach ₹1,30,107 per ten grams. However, gold is still trading ₹4,000 below its peak.
Silver prices rise higher than gold in December
On the other hand, silver outperformed gold in December. According to exchange data, the price of silver was ₹174,981 on the last trading day of last month. Since then, the price of silver has increased by ₹13,083, or 7.48%.
On the other hand, gold was trading at ₹129,504 on the MCS on November 28th, and has seen a rise of ₹603, or 0.46%. This means that silver has generated more returns for investors than gold in December.
Silver situation in foreign markets
If we talk about foreign markets, silver is also ruling the roost there. In the New York futures market, the price of silver is seeing a rise of 1.27 percent, reaching $61.61 per ounce.
Meanwhile, spot silver prices are trading at $60.93 per ounce, up 0.43 percent. Not only in New York, but in Europe, silver prices are trading at 52.4106 euros, up 0.30 percent, and in Britain, they are trading at 45.8381 pounds, up 0.47 percent.
A strong start on Tuesday
Silver prices continued to rise on Tuesday. According to MCX data, silver prices rose by ₹2,734 to reach ₹1,90,798, a new lifetime high for silver. Silver prices originally opened at ₹1,88,959. At 9:10 am, silver prices rose ₹2,645 to trade at ₹1,90,709.
On the other hand, the price of gold is also seeing an increase. Gold prices rose by ₹395 during the trading session to reach ₹1,30,502. Gold had originally opened at ₹1,30,339. Silver prices rose by ₹158 to trade at ₹1,30,265 at 9:15 am.