Silver prices rose to new 31-year highs

Silver prices rose to new 31-year highs

Silver prices has surged up to Rs 49,500 a kg. It has spurred by Rs 800 on today’s trade. The metal price has gone up to its thirty one year’s high. The main reason of this surge is heavy buying by stockists.

Positive global trends were the other reason to propel the metal to its new high.

Among other precious metals, gold has also joined the rally. It has moved up by Rs 125 to Rs 20,870 per 10 grams. There has been huge increase in demand at the domestic market. The basic reason of this demand hike is huge buying in this marriage season and solid global cues.

As per the traders, silver prices have managed to go up to a level to Rs 49,500 a kg due to the aggressive buying in the market. On Monday, the Indian commodities market was highly influenced by the strong overseas markets.

The trading sentiment was all bullish and the investors were very much anticipated over this metal after a mild movement in the equity market. Both gold and silver has become the alternate investment option for the traders after mounting tension in the Middle East.

Tagged with