In the Indian bullion market, gold and silver prices surged to new heights, extending their unstoppable rally. Silver prices soared 15 per cent last week to scale a fresh record high of 2,42,000 per kilogram (kg) in the futures market, before closing at 2,39,787 rupees per kg for the March contract.
This strong surge in price was driven by strong industrial demand, tight supply, expectations of US interest rate cuts next year and geopolitical uncertainties. The rally in the domestic market mirrored the white metal’s record run in the global market, where it hit an all-time high of 79.70 dollars per ounce.
In domestic markets, Gold futures on the Multi-Commodity Exchange (MCX) for the February contract recorded its highest-ever close at 1,39,873 rupees per 10 grams, registering a weekly gain of 4.2 per cent. It also hit a new all-time high of 1,40,465 rupees per 10 grams during the week.
