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Silver Price Today: Domestic Silver Futures Cross Rs 72,700 To New Record High

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Silver Price Today: Domestic Silver Futures Cross Rs 72,700 To New Record High

Silver is usually seen by traders as a rival safe-haven to gold

Highlights

  • MCX silver futures contact all-time excessive of Rs72,850 on Wednesday
  • Average worth of September Four contract rises to Rs 71,289.53
  • Silver jewelry worth at Rs 69,225/kilogram: trade physique IBJA

Silver Price: Domestic silver futures crossed the Rs 72,700 mark to register a brand new all-time excessive on Wednesday, monitoring good points in world valuable steel charges. Multi Commodity Exchange (MCX) silver futures – due for a September Four supply – gained by Rs 3,053 (4.37 per cent) to the touch a document excessive of Rs 72,850 throughout the session, in comparison with their earlier shut of Rs 69,797. At 4:52 pm, the MCX silver futures contract quoted at Rs 72,287, up Rs 2,490 or 3.57 per cent from its earlier shut. (Track Current Silver Price Here)

That pushed the common worth of the September Four contract to Rs 71,289.53 on Wednesday, from Rs 65,779 within the earlier session.

The opening worth of silver jewelry stood at Rs 69,225 per kilogram on Wednesday, excluding Goods and Services Tax, in response to Mumbai-based trade physique India Bullion and Jewellers Association (IBJA).

Meanwhile, gold futures touched an all-time excessive of Rs 55,039, as world charges prolonged a document run above the $2,000-per-ounce mark amid weak point within the US greenback and hopes of extra stimulus measures towards the coronavirus pandemic (Also Read: Domestic Gold Futures Surge To Record ₹ 55,000 Ahead Of Expiry)

Precious steel costs within the nation fluctuate from state to state on account of VAT or worth added tax. Jewellery costs are calculated by taking into consideration elements resembling excise obligation and making expenses.

International silver costs jumped 3.20 per cent to $26.84, the very best degree recorded since April 2013. With that, silver – which is each a safe-haven asset and broadly utilized in trade – took its good points to 50 per cent to date this yr, outperforming even gold.

The greenback – typically seen by traders as a rival safe-haven – was final seen buying and selling down 0.41 per cent. The index measures the dollar towards six friends.



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