Silver prices breach Rs 4 lakh per kg mark in futures trade amid strong global cues

Silver prices on Thursday breached the record Rs 4 lakh per kilogram mark in futures trade, while gold touched a lifetime high of Rs 1.8 lakh per 10 grams, riding on strong investor demand and record gains in the international markets.

On the Multi Commodity Exchange (MCX), silver futures for March delivery zoomed Rs 22,090, or 5.73 per cent, to hit an all-time high of Rs 4,07,456 per kilogram.

Gold futures also witnessed robust buying by investors. The yellow metal for February delivery soared Rs 14,586, or 8.8 per cent, to touch a new peak of Rs 1,80,501 per 10 grams on the MCX.

In the international market, gold futures on the Comex surpassed the crucial USD 5,600 per ounce-mark for the first time. The yellow metal for April delivery gained USD 286.6, or 5.4 per cent, to scale a fresh peak of USD 5,626.8 per ounce.

Comex silver futures also rose sharply to touch a fresh record of USD 119.51 per ounce in the overseas markets. Analysts said that upbeat industrial demand in silver and a weak US dollar lent further support to the white metal, which has been outperforming gold in recent sessions.

They added that persistent safe-haven buying by traders amid economic uncertainties and rising geopolitical tensions continued to fuel the rally in bullion prices.