Silver Rate Today: Investors’ interest in silver increased, the price of white metal reached all-time high rate.
Silver Rate Today: Today (December 12), there has been a significant rise in the prices of silver. The price of silver has reached new heights across the country including Lucknow, the capital of Uttar Pradesh. It has attracted the attention of investors by creating new records. In fact, after the US Federal Reserve cut the key interest rate by 0.25 percent, the demand for silver, which is considered a safe haven, has increased rapidly.
Read :- Silver Price Today: Silver became costlier on Tuesday 9 December, know the rate of the white precious metal.
According to GoodReturns.in, today the price of silver is ₹204 per gram and ₹2,04,000 per kg. Earlier on Friday morning, futures for the white metal continued their gains for the fourth consecutive day, with March delivery contracts rising by Rs 1,420, or 0.71 per cent, to hit an all-time high of Rs 2,00,362 per kg on the Multi-Commodity Exchange (MCX). Market experts say that due to international factors, manufacturing demand and fall in rupee, silver prices will increase further.
Ponmudi R, CEO of Enrich Money. “Silver is outperforming gold in both global and domestic markets,” he told ET, adding that the rise was supported by “strong trend acceleration driven by industrial demand and widespread dollar weakness”. He elaborated on the technical outlook: “Sustaining this breakout will keep targets of Rs 2,00,000–Rs 2,03,000 active. Support lies at Rs 1,90,000, and deeper support at Rs 1,86,000, however, the broader trend remains very bullish.”
With a bullish outlook, Rahul Kalantri of Mehta Equities confirmed that “Silver hits another record and heads towards $65/oz,” while adding that strong global factors and rupee weakness “will keep domestic bullion prices elevated.”
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