Silver Price Nears $55, Surpasses October Highs; MCX Rate Crosses Rs 1.66 Lakh
Silver surged by around 2.5% in the US spot market, and a similar climb in the metal's futures was recorded at India's MCX.
US spot silver price rose 2.5% to near $55 an ounce on Friday, thereby surpassing the record high it clocked in October.
The precious metal reached an intraday high of $54.75 per ounce so far. At 19:47 hours (IST), it was trading at $54.57, up 2.2% from the previous day's close.
Reflecting the rise in global prices, the rates jumped on India's Multi Commodity Exchange (MCX) as well, where silver futures were trading 2.5% higher at Rs 1.66 lakh per kilogram. This was close to the all-time high of Rs 1.7 lakh a kg recorded on the MCX last month.
In the US spot market, silver rose to an all-time high of $54.48 per ounce on Oct. 17. Since then, the prices began easing significantly, and the metal remained range-bound between $40-50 an ounce over the past month.
Notably, silver crossed the $40-mark on Oct. 9, as the metal's price rose sharply due to an unprecedented squeeze in physical silver supply. In India, the price also surged during the month due to massive festive season demand.
Silver exchange-traded-funds (ETFs) traded at hot-air premiums in October, rising by 5-10% each, as the precious metal's demand soared amid a global shortage. This had led to several mutual funds halting fresh inflows into their silver fund-of-funds, citing the sharp shortage in physical silver supply.
(This is a developing story)
