<p>New Delhi: Silver prices extended their record-breaking run on Wednesday, soaring more than 7 per cent, to hit a lifetime high of Rs 3.83 lakh per kg in the futures trade, while gold jumped to a new peak of Rs 1.62 lakh per 10 grams, buoyed by a sharp fall in US dollar and strong safe-haven demand.</p>.<p>Rallying for the fourth consecutive day, <a href="https://www.deccanherald.com/search?q=Silver">silver </a>futures for March delivery climbed Rs 26,821, or 7.53 per cent, to hit another record of Rs 3,83,100 per kilogram on the Multi Commodity Exchange (MCX).</p>.<p>In the last three sessions, the white metal has surged Rs 55,811, or 17.05 per cent, from Rs 3,27,289 per kilogram (closing price) recorded on January 22.</p>.Silver futures hit record Rs 3.59 lakh/kg; gold scales new peak Rs 1.59 lakh/10g.<p><a href="https://www.deccanherald.com/search?q=gold">Gold </a>futures for February contract also witnessed robust buying by the investors, rising Rs 4,730, or 3 per cent, to touch a fresh peak of Rs 1,62,429 per 10 grams on the MCX.</p>.<p>Analysts said bullion prices extended their upward march amid a weakening US dollar, renewed geopolitical tensions and firm investor appetite for the safe-haven assets.</p>.<p>In the international markets, silver futures for March contract on the Comex gained USD 9.57, or 9.03 per cent, to USD 115.52 per ounce. On Monday, the metal had touched a record of USD 117.70 per ounce.</p>.<p>"Silver rose to around USD 115 per ounce, marching toward a fresh record high as investors flocked to safe-haven metals following a sharp dollar decline," Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said.</p>.<p>He noted that the rally in silver was fuelled by developments in China.</p>.<p>"In China, a pure-play silver fund suspended trading after surging demand pushed its premium well above the value of its underlying assets. Silver has seen robust interest from retail investors in China as prices kept rallying, with manufacturers shifting production from jewellery to 1 kilogram silver bars," Trivedi said.</p>.Gold, cash worth Rs 4.8 lakh stolen in KSRTC bus.<p>Comex gold futures for February delivery also increased by USD 168.5, or 3.31 per cent, to hit a new record of USD 5,251.1 per ounce in overseas trade.</p>.<p>"Gold broke through USD 5,200 for the first time, after rising more than 3 per cent rise in the early morning trade, as the dollar plunged to a near four-year low amid persisting geopolitical concerns, ahead of a US Federal Reserve monetary policy decision," Manav Modi Commodities Analyst Motilal Oswal Financial Services Ltd, said.</p>.<p>Modi described that the US dollar was grappling with a "crisis of confidence," struggling near four-year lows, after US President Donald Trump said the currency's value is 'great' when asked whether he thought it had declined too much.</p>.<p>The remarks by Trump triggered further dollar selling, lifting gold and silver prices, he added.</p>.<p>On the macroeconomic front, data showed that US consumer confidence slumped to its lowest level in more than 11 years in January amid mounting anxiety over a sluggish labour market and high prices.</p>.<p>Meanwhile, President Trump said he will soon announce his pick to serve as head of the US central bank, and predicted interest rates would decline once the new chair assumes office, a comment that added another layer of speculation to the market's rate outlook.</p>.<p>Traders are now shifting their focus to the outcome of the two-day Federal Open Market Committee (FOMC) meeting for further direction. Analysts said the tone of the post-meeting statement and comments by Federal Reserve Chair Jerome Powell at the press conference will be the key highlight for bullion's next leg of direction. </p>
<p>New Delhi: Silver prices extended their record-breaking run on Wednesday, soaring more than 7 per cent, to hit a lifetime high of Rs 3.83 lakh per kg in the futures trade, while gold jumped to a new peak of Rs 1.62 lakh per 10 grams, buoyed by a sharp fall in US dollar and strong safe-haven demand.</p>.<p>Rallying for the fourth consecutive day, <a href="https://www.deccanherald.com/search?q=Silver">silver </a>futures for March delivery climbed Rs 26,821, or 7.53 per cent, to hit another record of Rs 3,83,100 per kilogram on the Multi Commodity Exchange (MCX).</p>.<p>In the last three sessions, the white metal has surged Rs 55,811, or 17.05 per cent, from Rs 3,27,289 per kilogram (closing price) recorded on January 22.</p>.Silver futures hit record Rs 3.59 lakh/kg; gold scales new peak Rs 1.59 lakh/10g.<p><a href="https://www.deccanherald.com/search?q=gold">Gold </a>futures for February contract also witnessed robust buying by the investors, rising Rs 4,730, or 3 per cent, to touch a fresh peak of Rs 1,62,429 per 10 grams on the MCX.</p>.<p>Analysts said bullion prices extended their upward march amid a weakening US dollar, renewed geopolitical tensions and firm investor appetite for the safe-haven assets.</p>.<p>In the international markets, silver futures for March contract on the Comex gained USD 9.57, or 9.03 per cent, to USD 115.52 per ounce. On Monday, the metal had touched a record of USD 117.70 per ounce.</p>.<p>"Silver rose to around USD 115 per ounce, marching toward a fresh record high as investors flocked to safe-haven metals following a sharp dollar decline," Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said.</p>.<p>He noted that the rally in silver was fuelled by developments in China.</p>.<p>"In China, a pure-play silver fund suspended trading after surging demand pushed its premium well above the value of its underlying assets. Silver has seen robust interest from retail investors in China as prices kept rallying, with manufacturers shifting production from jewellery to 1 kilogram silver bars," Trivedi said.</p>.Gold, cash worth Rs 4.8 lakh stolen in KSRTC bus.<p>Comex gold futures for February delivery also increased by USD 168.5, or 3.31 per cent, to hit a new record of USD 5,251.1 per ounce in overseas trade.</p>.<p>"Gold broke through USD 5,200 for the first time, after rising more than 3 per cent rise in the early morning trade, as the dollar plunged to a near four-year low amid persisting geopolitical concerns, ahead of a US Federal Reserve monetary policy decision," Manav Modi Commodities Analyst Motilal Oswal Financial Services Ltd, said.</p>.<p>Modi described that the US dollar was grappling with a "crisis of confidence," struggling near four-year lows, after US President Donald Trump said the currency's value is 'great' when asked whether he thought it had declined too much.</p>.<p>The remarks by Trump triggered further dollar selling, lifting gold and silver prices, he added.</p>.<p>On the macroeconomic front, data showed that US consumer confidence slumped to its lowest level in more than 11 years in January amid mounting anxiety over a sluggish labour market and high prices.</p>.<p>Meanwhile, President Trump said he will soon announce his pick to serve as head of the US central bank, and predicted interest rates would decline once the new chair assumes office, a comment that added another layer of speculation to the market's rate outlook.</p>.<p>Traders are now shifting their focus to the outcome of the two-day Federal Open Market Committee (FOMC) meeting for further direction. Analysts said the tone of the post-meeting statement and comments by Federal Reserve Chair Jerome Powell at the press conference will be the key highlight for bullion's next leg of direction. </p>