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

Silver is often seen by investors as a rival safe-haven to gold

Highlights

  • MCX silver futures touch all-time high of Rs72,850 on Wednesday
  • Average price of September 4 contract rises to Rs 71,289.53
  • Silver jewellery price at Rs 69,225/kilogram: industry body IBJA

Silver Price: Domestic silver futures crossed the Rs 72,700 mark to register a new all-time high on Wednesday, tracking gains in global precious metal rates. Multi Commodity Exchange (MCX) silver futures – due for a September 4 delivery – gained by Rs 3,053 (4.37 per cent) to touch a record high of Rs 72,850 during the session, compared to their previous close 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 previous close. (Track Current Silver Price Here)

That pushed the average price of the September 4 contract to Rs 71,289.53 on Wednesday, from Rs 65,779 in the previous session.

The opening price of silver jewellery stood at Rs 69,225 per kilogram on Wednesday, excluding Goods and Services Tax, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).

Meanwhile, gold futures touched an all-time high of Rs 55,039, as global rates extended a record run above the $2,000-per-ounce mark amid weakness in the US dollar and hopes of more stimulus measures against the coronavirus pandemic (Also Read: Domestic Gold Futures Surge To Record ₹ 55,000 Ahead Of Expiry)

Precious metal prices in the country vary from state to state due to VAT or value added tax. Jewellery prices are calculated by taking into account factors such as excise duty and making charges.

International silver prices jumped 3.20 per cent to $26.84, the highest level recorded since April 2013. With that, silver – which is both a safe-haven asset and widely used in industry – took its gains to 50 per cent so far this year, outperforming even gold.

The dollar – often seen by investors as a rival safe-haven – was last seen trading down 0.41 per cent. The index measures the greenback against six peers.

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