Bullion markets painted a tale of two metals today: gold catching its breath with a slight downturn, while silver charged ahead to conquer uncharted territory with a landmark all-time high.
The silver surge captivated traders worldwide. Prices rocketed past $35.30 per ounce, up more than 2.5% in a single session—the highest level ever recorded. Indian markets followed suit, with silver hitting ₹92,800/kg, fueled by frenzied buying.
Gold retreated marginally amid profit booking and favorable equity markets. Domestic 10-gram prices stood at ₹75,100, while Comex gold hovered near $2,645. A brief spike in real yields pressured the metal, though buying emerged near key support levels.
Digging deeper into silver’s rally reveals structural tailwinds. Global mine production lags behind demand, particularly from photovoltaic solar applications, which now consume over 20% of annual supply. Investment demand via coins, bars, and ETFs also accelerated sharply.
Gold’s fundamentals remain rock-solid despite today’s dip. Geopolitical flashpoints in the Middle East and Eastern Europe sustain haven flows, while Asian buyers scooped up physical supplies during the pullback.
Analysts forecast silver could test $37 in the near term if momentum persists, potentially ushering in a multi-year bull cycle. Gold watchers eye $2,700 as the next upside target once dollar weakness resumes.
In summary, today’s action underscores silver’s breakout moment in the precious metals narrative, with gold poised for renewed strength amid broader economic uncertainties.