Silver Price Today: Silver prices have shattered all previous records these days, which is sure to strain consumers’ budgets. Even in the bullion market, consumers are sweating. Inflation has exceeded expectations. Silver prices in the global market set a historic record on Thursday.
Silver prices in the international market reached a new all-time high of $62.50 per ounce. This has led to silver prices in the Indian market exceeding Rs 2 lakh per kg. Domestic prices are directly impacted by global benchmarks and continued strong demand from industries. This increase was driven by global economic data last week.
The US Federal Reserve cut interest rates for the first time in months at its December meeting. This followed a weakening of the dollar and bond yields. This has led to buying in other precious metals, including silver. Federal Reserve Chairman Jerome Powell’s balanced and dovish stance signalled to markets that interest rates could fluctuate. This strengthened silver prices.
Learn how the support cam.e
Following the Federal Reserve’s softening stance, the dollar index fell to its lowest level in nearly two months on Thursday, reaching 98.58. This has driven investors to other safe havens like gold and silver. Silver has directly benefited from this. Stock markets have also received significant support from the Fed’s dovish stance.
Meanwhile, the impact of Wall Street’s surge was also seen in Asian markets on Thursday. According to Ross Maxwell, Global Strategy Operations Lead at VT Markets, the Fed’s December rate cut represents a balanced shift.
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He said that if new tariffs are not imposed, inflationary pressures can be mitigated. Furthermore, the recent US government shutdown, coupled with a lack of data and inaccurate labour market data, is making it difficult for the Fed to accurately assess the economic situation.
Learn about the reasons for the rise in silver prices
People are giving different explanations for the rise in silver prices. Investors are buying it haven. Additionally, its industrial demand is strong. Continued demand from the electronics, solar panels, and green energy sectors has further strengthened its prices.
The weakening of the dollar and expectations of a reduction in interest rates have also encouraged investment in silver. On December 11th, silver prices in India were uncontrolled. In Chennai, silver prices reached ₹209,000. In Delhi, silver prices are at ₹201,000. Silver prices have returned to their previous peak levels.