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Silver prices have jumped over 60 percent this year, making investors weigh ETFs, physical metal, and equities.
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On Monday, the precious metal ended at Rs 79,000 per 10 grams.
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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.
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However, as the dollar softened, gold found support and rose from USD 2,640 to USD 2,655,” Jateen Trivedi, VP Research Analyst, Commodity and Currency, LKP Securities, said.
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The precious metal had closed at Rs 72,800 per 10 grams in the previous session
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Recent data revealed a jump in the U.S. unemployment rate to 4.3 percent in July, increasing expectations that the Federal Reserve might cut interest rates by up to 50 basis points in September.
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Traders are also eyeing upcoming US employment data, including the critical non-farm payrolls report due on Friday, which could provide further insights into economic resilience.
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According to All India Sarafa Association, gold of 99.9 per cent and 99.5 per cent purity edged up Rs 50 each to Rs 70,700 and Rs 70,350 per 10 grams, respectively.
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On the Multi Commodity Exchange, silver contracts for September delivery plummeted Rs 2,944 or 3.47 per cent to Rs 81,950 per kg in a business turnover of 27,605 lots.
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According to All India Sarafa Assocation, the precious metal rates had closed at Rs 76,400 per 10 grams in the previous session.
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The yellow metal had settled at Rs 72,550 per 10 grams in the previous trade.
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The precious metal had ended at Rs 72,150 per 10 grams in the previous session.
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In the previous session, the precious metal had closed at Rs 72,450 per 10 grams.
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Traders will also take more cues from the first reading of US GDP for the first quarter on Thursday and the Personal Consumption Expenditures (PCE) price index data
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The market was lifted after China, a major consumer of industrial metals as well as gold, announced ”historic” steps to stabilise the crisis-hit property sector.
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Silver prices globally were at a 3-year high near $28 per oz. Silver prices in India are at an all-time high at near Rs 82,000 per kg.
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In the previous trade, the precious metal had ended at Rs 63,100 per 10 grams.
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Silver jumped Rs 400 to Rs 75,400 per kg from its previous close of Rs 75,000 per kg.
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On the physical front, gold buying in major consumer India rose this week, as domestic prices fell back from record highs.
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Dollar hitting a 10-month high and a possible announcement from the US Federal Reserve resulted in a dip in the prices of gold
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Spot gold was down 0.3% at $1,886.10 per ounce by 1:53 p.m. EDT (1753 GMT), its lowest level since March 13.
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Gold imports have surged by 17.5 percent, reaching 65 tonne YoY; and gold consumption in the same period has risen by 16.37 percent, amounting to 554.88 tonne
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In the previous trade, the precious metal ended at Rs 61,300 per 10 grams.
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In the overseas markets, gold was quoting higher at $1,928 per ounce while silver was down at $21.87 per ounce.
