11 July,2025 07:05 PM IST | New Delhi | mid-day online correspondent
The fresh wave of economic uncertainty has driven investors back towards precious metals, traditionally seen as safe-haven assets. Pic/IANS
Silver prices soared to an all-time high on Friday, while gold also reversed its recent downtrend, as global markets reacted to renewed tariff tensions involving the United States, Canada, and Brazil, the IANS reported on Friday.
The fresh wave of economic uncertainty has driven investors back towards precious metals, traditionally seen as safe-haven assets.
Silver prices witnessed a sharp rally, jumping Rs 2,356 to reach Rs 1,10,290 per kg, compared to Rs 1,07,934 per kg a day earlier. This surpassed the previous record of Rs 1,09,550 per kg, set on June 18, 2025, according to the IANS.
Apurva Sheth, Head of Market Perspectives and Research at SAMCO Securities, noted that silver is now forming a cup and handle pattern on intraday charts, suggesting potential for continued gains. "Silver is already in shortfall. If the US or other countries impose tariffs on silver or restrict exports -- as China has done with rare earth minerals -- prices could skyrocket," she said. "It's no longer a question of whether you should own silver, but how much," as per the IANS.
Meanwhile, gold prices also edged higher, with 24-carat gold climbing Rs 465 to Rs 97,511 per 10 grams, as per data from the India Bullion and Jewellers Association (IBJA).
22-carat gold prices rose to Rs 89,320, up from Rs 88,894.
The 18-carat gold increased to Rs 73,133, compared to Rs 72,785 the previous day.
Jateen Trivedi, VP Research Analyst at LKP Securities, said gold's rebound is being driven by global trade concerns. "The US imposition of new tariffs on Canada and Brazil has triggered market fears, pushing demand for gold," the news agency reported on Friday.
He stated, "With de-escalation in the Middle East priced in, fresh uncertainties have again made gold attractive."
The rally mirrors international trends, where gold was trading 1.01 per cent per cent higher at USD 3,358 per ounce, and silver surged 2.92 per cent to USD 38.40 per ounce.
In futures trading, the contract expiring on 5 August was at Rs 97,582 per 10 grams, up Rs 891 from the previous close of Rs 96,691, as of 5:44 pm.
(with IANS inputs)
