Hindustan Zinc shares surge 4% amid rising silver prices
Hindustan Zinc surged 4% to Rs 535 in Wednesday's trade on the BSE after silver prices reached the Rs 1 lakh per kg mark in Delhi-NCR’s bullion markets on Tuesday. Hindustan Zinc is India's largest producer of silver and refined silver.
Meanwhile, on Tuesday, December silver contracts on the MCX hit a new lifetime high of Rs 99,475, gaining Rs 2,019, or over 2%. March 2025 futures were trading at Rs 1,01,688, up Rs 1,847, or 1.85%.
Commenting on Silver’s rally, Anuj Gupta, Head Commodity & Currency at HDFC Securities said that silver has been creating new records and in physical markets in Delhi-NCR, it has surpassed Rs 1,00,000 levels.
Gupta explained that silver’s appeal is rising due to industrial demand and its status as a safe haven, alongside its pricier counterpart, gold. He anticipates an additional 3-5% increase leading up to Dhanteras.
Year-to-date, silver has gained 33%, or Rs 25,036 per kg, according to Gupta.
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