Silver Futures Hit New Record High — Check Latest Rates In Delhi, Mumbai, Chennai

Silver future prices on the Multi Commodity Exchange hit a new record of Rs 1,28,612. The Dec. 5 contracts have hit the fresh record. The spot prices of the white metal have also rallied to record highs this week.

Silver prices rose to Rs 1,26,810 per kilogram on the India Bullion Association on Friday. This compares to Rs 1,25,100 on Thursday. Sept. 5 futures for silver were trading 0.01% higher at Rs 1,26,951, earlier today before the future contracts hit the record high.

In New Delhi, the price stood at Rs 1,27,920 per 10 gm, and in Mumbai, it stood at Rs 1,28,140 on Friday.

In Bengaluru, the rate stood at Rs 1,09,890, while in Kolkata, it was Rs 1,09,640 per 10 gm. The price of the precious commodity was the highest in Chennai, trading at Rs 1,28,390 per 10 gm.

Silver has outperformed it significantly with a higher return of 44.8%, according to Bloomberg data. This superior performance is broadly attributed to silver’s dual role, according to Kedia Advisory. Unlike gold, which is primarily seen as a store of value, silver benefits from both investment demand and its widespread use in industries like electronics, solar panels, and medicine.

This industrial demand has given silver an extra edge in a year of global economic recovery and renewed manufacturing activity, making it the brighter performer of the two precious metals.