- Silver futures jump more than 2% to touch record Rs77,949
- Gold futures ease after clocking all-time high of Rs 56,191
- Global precious metal prices have broken a series of records recently
Silver Price: Domestic silver futures continued their record-breaking spree with a jump of more than 2 per cent on Friday, as global precious metal rates hovered near all-time highs. Multi Commodity Exchange (MCX) silver futures – due for a September 4 delivery – surged by Rs 1,897 (2.49 per cent) to touch Rs 77,949 at the strongest level recorded in morning deals, compared to their previous close of Rs 76,052. At 11:17, the MCX silver futures contract quoted at Rs 76,520, up 0.62 per cent (Rs 468) from its previous close. (Track Current Silver Price Here)
That pushed the average price of the monthly MCX silver contract to Rs 76,360 on Friday, from Rs 74,269 the previous day.
Domestic gold futures eased shortly after clocking a new all-time high of Rs 56,191. (Track Current Gold Rate Here)
International silver prices continued its stellar run, rising as much as 3.10 per cent to $29.84, adding nearly 19 per cent so far this week in what would be its best week since 1987. Silver is both a safe-haven asset and widely used in industry.
Meanwhile, the dollar index – which gauges the US currency against six currencies – was last seen trading 0.23 per cent higher, having earlier moved up as much as 0.41 per cent.
— IBJA (@IBJA1919) August 7, 2020
The opening price of silver jewellery stood at Rs 76,008 per kilogram on Friday, excluding Goods and Services Tax, according to Mumbai-based industry body India Bullion and Jewellers Association. 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.
On Thursday, domestic silver futures had jumped more than 5 per cent before settling at Rs 76,052.