Gold prices have been increasing for the last few days. After hitting record high on MCX on Friday, December 12, prices rose further due to profit booking by investors, while silver witnessed a decline in the same period. In this session, around 9:10 am, MCX Gold February futures contract was trading 0.10 per cent higher at ₹1,32,599 per 10 gram, while MCX March delivery silver futures contract fell 0.50 per cent to ₹1,97,951 per kg.
Silver at all time high
However, a huge rise in silver was seen on Thursday. Meanwhile, silver reached its all-time high of ₹1,98,814 per kg and closed at ₹1,98,799 with a gain of 5.33 per cent. MCX Gold February contract jumped 2 percent to close at ₹1,32,469 per 10 grams. Gold and silver prices are gaining ground after the US Federal Reserve cut interest rates by 25 basis points and hinted at possible further cuts next year.
Silver crosses ₹2 lakh mark
Today, silver prices have crossed the ₹2 lakh per kg mark. According to a research report by Kedia Advisory, the price of one kilogram of silver on MCX was ₹12,000 on November 17, 2005. After almost 20 years, silver has completed this journey and reached the level of ₹ 2 lakh per kg. Today, the price of one kilogram of silver in the country rose by ₹2,900 to hit a new high of ₹2,00,900, while 100 gram and 10 gram silver rates stood at ₹20,090 and ₹2,009 respectively.
Today, the price of one kilogram of silver in Delhi, Kolkata and Mumbai is ₹1,97,900 per kilogram. Meanwhile, the price of one kilogram of silver in Chennai is ₹2,09,900. Last week, silver prices had increased by about 6 percent. Compared to last year, silver prices have increased by 115 percent so far due to strong industrial demand, inclusion in the US critical minerals list and low inventory levels.