Mumbai, Dec 17 || Silver prices hit fresh all-time highs on Wednesday, as strong global cues and rising expectations of interest rate cuts pushed the precious metal sharply higher.
On the Multi Commodity Exchange (MCX), silver prices surged more than 4 per cent in early trade, extending their recent breakout rally.
During early trade, MCX silver was trading 3.38 per cent higher at Rs 2,04,445 per kg after touching a lifetime high level.
In contrast, gold prices showed some weakness. MCX gold for February delivery slipped 0.21 per cent to Rs 1,34,129 per 10 grams.
“A sustained breakout above Rs 1,35,500, supported by renewed USD/INR strength, would strengthen bullish momentum and open the next expansion zone at Rs 1,36,000–Rs 1,38,000,” experts said.
“The broader bullish structure remains intact as long as prices hold above the Rs 1,33,000–Rs 1,32,600 support zone,” experts stated.