Silver prices touch all-time high as gold rises too

New Delhi, July 11 (IANS) Silver priced reached an all-time high on Friday as gold picked up an upward trajectory too, breaking a losing streak. The precious metal prices witnessed a significant uptick amid fresh tariff jitters with Canada and Brazil by the US administration.

Silver prices surged significantly, hitting a new all-time high. As compared to the previous day's price, silver gained Rs 2,356 to reach Rs 1,10,290 per kg -- up from Rs 1,07,934 per kg.

The previous record high was Rs 1,09,550 per kg, registered on June 18 this year.

Apurva Sheth, Head of Market Perspectives and Research, SAMCO Securities, said Silver is poised for a sharp rally and it didn’t disappoint.

“Now Silver is also forming a cup and handle on the intraday charts. Silver is already in short fall. If US or other nations were to announce similar tariffs on silver or even worse ban exports like China has done in case of rare earth mineral then it could send silver prices to stratospheric levels,” Sheth noted.

Now it is not a question of should you own silver or not. It is about how much do you own, she added.

According to the India Bullion and Jewellers Association (IBJA) data, the 24-carat gold price rose by Rs 465 to Rs 97,511 per 10 grams, compared to Rs 97,046 per 10 grams on Thursday.

The 22-carat gold price climbed to Rs 89,320 per 10 grams as compared to the previous day's price of Rs 88,894, while 18-carat gold rose to Rs 73,133 per 10 grams, up from Rs 72,785, the previous day's price.

"Gold prices stayed strong as renewed trade tariff jitters supported bullion, with the U.S. imposing fresh tariffs on Canada and Brazil, markets have begun pricing in the adverse implications of renewed trade tensions," said Jateen Trivedi, VP Research Analyst at LKP Securities.

"The resulting uncertainty has once again turned sentiment in favour of gold, especially after recent price corrections due to Middle East de-escalation," Trivedi added.

The rally in precious metals - both gold and silver - is in line with international trends. Gold was trading 1.01 per cent higher at $3,358 per ounce, while silver was up 2.92 per cent at $38.40 per ounce.

Meanwhile, at around 5:44 pm, the future contract expiring on August 5 was trading at Rs 97,582 per 10 gram, up Rs 891 against the previous closing of 96,691.

--IANS

aps/na