Earlier, such a steep rise in silver prices in a single day was recorded on October 10 this year when the rate rose by ₹8,500 to ₹1,71,500 per kilogram.
Meanwhile, the price of 99.9% purity gold rose by ₹800 to ₹1,32,400 per 10 gram (including all taxes) on Wednesday from the previous closing price of ₹1,31,600 per 10 gram.
“Gold traded with a modest gain on Wednesday, supported by a softer US dollar and firm expectations of a rate cut by the Federal Reserve. A cautious market tone, coupled with lingering geopolitical uncertainties, also provided additional tailwinds for the precious metal,” said Saumil Gandhi, senior commodities analyst at HDFC Securities.
In the international market, spot gold was trading 0.16% lower at $4,201.70 per ounce.
“Gold continues to consolidate around $4,200 ahead of the FOMC’s monetary policy decision tonight. The central bank is expected to cut rates by 25 basis points, but the focus will be on the summary of economic projections and the Fed’s view on inflation and the labor market,” said Praveen Singh, research analyst at Mirae Asset ShareKhan. Spot silver rose 1.53% to a record high of $61.60 an ounce. On Tuesday, the white metal rose $2.66, or 4.58%, to a record high of $60.82 an ounce. The price is up $3.44, or 5.91%, over the past two sessions, after closing Monday at $58.161 an ounce.
Gandhi said silver rose to a new record high and extended gains after topping $60 an ounce for the first time on Tuesday, with traders betting on further monetary easing by the Federal Reserve, continued supply tightness and strong inflows of exchange-traded funds to fuel the rally.
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