Today, silver prices in India soared to an all-time high of ₹1,04,000 per kilogram due to intense trader demand and global uncertainty, with a trading volume of 17,560 lots. Analysts note that the price surge is fueled by new positions taken by traders.
Global silver prices dipped slightly despite the surge in India. In New York, silver traded at $34.46 per ounce, down 0.1%. Augmont, a top refinery, stated silver broke out of its $32.5 to $34 range, with next resistance at $35.
Augmont linked higher silver prices to a weaker US economy and geopolitical tensions spurring safe-haven purchases in precious metals, along with signals of US economic slowdown, contracting services sector, and slower private hiring in May, heightening expectations for US Federal Reserve policy easing.
Augmont set Indian silver support at ₹96,000/kg and resistance at ₹1,01,500/kg. Prices crossed these levels, suggesting further upside potential with support from global cues. Gold held steady as investors awaited US nonfarm payrolls data, which may impact US rate cuts and gold demand. In Delhi, 10g of 24k gold (99.9% purity) costs ₹99,935.
Sources News From Various Digital Platforms, Websites, Journalists, And Agencies.
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