Silver soars 6% to record Rs 2.65 lakh/kg; gold hits lifetime high of Rs 1.44 lakh/10g

New Delhi: Silver prices rallied sharply by Rs 15,000 to hit a lifetime high of Rs 2,65,000 per kg in the national capital on Monday, and gold advanced to a fresh record of Rs 1,44,600 per 10 grams, mirroring strong gains in the global markets.

According to the All India Sarafa Association, silver soared by Rs 15,000, or 6 per cent, to touch a new peak of Rs 2,65,000 per kilogram (inclusive of all taxes) from the previous close of Rs 2,50,000 per kg.

In addition, gold of 99.9 per cent purity appreciated by Rs 2,900, or 2.05 per cent, to hit a lifetime high of Rs 1,44,600 per 10 grams (inclusive of all taxes). It had ended at Rs 1,41,700 per 10 grams on Friday.

In the international market, spot gold surged past the USD 4,600 per ounce level for the first time. The yellow metal gained USD 90.72, or 2 per cent, to touch a record USD 4,601.69 per ounce.

"Gold has responded positively, and jumped to the USD 4,600 per ounce level, while silver has seen an even sharper surge to USD 84 per ounce, highlighting its higher beta in risk-sensitive environments," Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.

Spot silver in the international trade rose by USD 4.3, or nearly 6 per cent, to touch a record of USD 84.61 per ounce.

Silver has surged to fresh record highs, breaching the USD 84 per ounce, driven by a mix of rising geopolitical tensions and growing expectations that the US Federal Reserve will be forced to cut interest rates further, Renisha Chainani, Head - Research at Augmont, said.

Geopolitical concerns have also come back into sharp focus with escalating unrest in Iran and continuing Russia-Ukraine conflict. Meanwhile, US President Donald Trump has said he is considering military options against Iran following anti-government protests, asserting that Tehran had crossed a 'red line'.

Adding to the uncertainty, investor sentiment was rattled by an intensifying feud between Trump and Federal Reserve Chair Jerome Powell after the US Attorney's Office reportedly opened a criminal investigation into Powell, reviving broader worries about the Federal Reserve's independence.

The probe weighed on the US dollar, lending further support to bullion prices, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

"This week's economic calendar is packed, with the spotlight on the US inflation and consumer indicators. The December CPI report due on Tuesday will be important, as it may be the first inflation print unaffected by the government shutdown," Chainani said.

Garg said the broader outlook for precious metals remains positive amid rising volatility in global equity markets, persistent geopolitical tensions, and sustained demand for safe-haven assets.