Silver Price: Domestic silver futures jumped more than 5 per cent on Thursday, to crossed the Rs 75,750 mark for the first time ever, as global precious metal rates hovered near all-time highs. Multi Commodity Exchange (MCX) silver futures - due for a September 4 delivery - soared by as much as Rs 3,858 (5.37 per cent) to touch Rs 75,751 during the session, compared to their previous close of Rs 71,893. The MCX silver futures contract ended the day with a gain of Rs 3,692 - or 5.14 per cent - at Rs 75,585. (Track Current Silver Price Here)
That pushed the average price of the monthly MCX silver contract to Rs 74,269 on Thursday, from Rs 71,290 the previous day.
#Gold and #Silver Closing #Rates for 06/08/2020#IBJA pic.twitter.com/kcKEjZUPLc
The closing price of silver jewellery stood at Rs 73,617 per kilogram, excluding Goods and Services Tax, according to Mumbai-based industry body India Bullion and Jewellers Association (IBJA).
Meanwhile, gold futures climbed to all-time high of Rs 55,844 on Thursday, before settling at Rs 55,808 for the day. (Track Current Gold Rate Here)
(Also Read: Domestic Gold Futures Surge To Record Rs 55,844)
Precious metal prices in the country vary from state to state due to VAT or value added tax. Jewellery prices are calculated by taking into account factors such as excise duty and making charges.
International silver prices gained 2.80 per cent to $27.78 per ounce, having hit its highest since April 2013 at $27.85. Silver is both a safe-haven asset and widely used in industry.
Meanwhile, the dollar index - which gauges the greenback against six currencies - was last seen trading 0.04 per cent higher, having earlier moved up as much as 0.11 per cent.
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