Gold, silver hit new lifetime highs on wedding season demand
capital on Wednesday mainly driven by festive and wedding season demand, according to the All India Sarafa Association. Gold prices jumped by Rs 500 to an all-time high of Rs 81,500 per 10 grams while silver surged Rs 1,000 to Rs 1.02 lakh per kg.
Gold prices of 99.9 per cent and 99.5 per cent purity rose by Rs 500 each to Rs 81,500 per 10 grams and Rs 81,100 per 10 grams, respectively.
Silver jumped Rs 1,000 to reach a fresh high of Rs 1.02 lakh per kg from the previous close of Rs 1.01 lakh per kg on Tuesday.
In the last six trading sessions, silver prices have zoomed by Rs 10,000 per kg. Gold increased by Rs 2,850 per 10 grams since October 16.
According to Narinder Wadhwa, MD of SKI Capital, silver prices reaching Rs 1 lakh in the physical market and on the MCX is a clear reflection of multiple converging factors such as seasonal demand in India and geopolitical risks from West Asia conflict.
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