Domestic Silver Futures Jump To Record Rs 67,560 Mark
Silver Price: Domestic silver futures jumped more than 3 per cent more to Rs 67,560 on Monday, in line with soaring precious metal rates amid rising COVID-19 cases and worsening ties between the US and China. Multi Commodity Exchange (MCX) silver futures surged by Rs 2,032 - or 3.10 per cent - to touch Rs 67,560 at the strongest level recorded during the session. At 12:26 pm, MCX silver futures - due for a September 4 delivery - traded 0.53 per cent (Rs 347) higher at Rs 65,875. (Track Current Silver Price Here)
For the September 4 contract, the average silver price currently stands at Rs 66,340.46, as against Rs 64,982.62 on Monday.
(Also Read: Gold Futures Cross Rs 52,410 Mark To New All-Time High)
The price of silver jewellery closed at Rs 64,505 per kilogram on Monday, according to the Mumbai-based India Bullion and Jewellers Association (IBJA), an industry body. The price excludes the incidence of Goods and Services Tax (GST).Â
#Gold and #Silver Closing #Rates for 27/07/2020#IBJA pic.twitter.com/kFLlB6AmrJ
July 27, 2020Gold and silver prices in the country vary from state to state due to VAT or value added tax. Domestic jewellery prices are arrived at by taking into account factors such as excise duty and making charges.
International silver prices jumped 5 per cent to touch the $25.81 mark, their highest since April 2013 - a gain of almost a third in seven sessions. Investors wagered the Federal Reserve would reaffirm its super-easy policy outlook this week, and a tolerance for higher inflation.
Gold prices also climbed to $1,975 an ounce, having climbed $160 in just six sessions.
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