Silver continues record run for second day, hits fresh peak of Rs 1.07 lakh/kg

New Delhi: Silver prices soared Rs 3,000 to hit another record high of Rs 1,07,100 per kg in the national capital on Friday amid buying rush by local jewellers and stockists.

According to the All India Sarafa Association, the white metal bounced Rs 2,000 to hit a fresh peak of Rs 1,04,100 per kilogram (inclusive of all taxes) in the local markets on Thursday.

So far this year, the metal prices have jumped Rs 17,400 per kg, or 19.4 per cent, since December 31 last year.

As per the Association, the precious metal of 99.9 and 99.5 per cent purity traded flat at Rs 99,690 and 99,100 per 10 grams (inclusive of all taxes) on Friday.

Traders said silver prices saw an uptrend due to a rise in domestic demand as well as global influences.

The most-traded July contract for silver increased Rs 1,622 to hit a fresh peak of Rs 1,06,065 per kg. Also, the contracts for September delivery climbed Rs 1,650 to hit a lifetime high of Rs 1,07,130 per kg on the Multi Commodity Exchange (MCX).

Gold contracts for August delivery fell Rs 44 to Rs 97,830 per 10 grams on the MCX.

In the overseas markets, spot gold rose 0.22 per cent to trade at USD 3,360.05 per ounce.

According to Kotak Securities' AVP-Commodity Research Kaynat Chainwala, gold is trading firm as investors remain cautious ahead of the US Nonfarm Payrolls data to be released later in the day.

Spot silver rose 1.63 per cent to $36.23 per ounce in the global markets.

Brokerage firm Kotak Securities said silver surged hitting a 13-year high amid improving supply-demand fundamentals, and growing investor interest.