Silver Price Today August 5, 2020 Domestic Silver Futures Breaks Rs 72,700 to Hit New High



Silver is often viewed by investors as a safe haven rival to gold

Strong points

  • MCX silver futures hit an all-time high of 72,850 rupees on Wednesday
  • The average contract price for September 4 stands at Rs 71,289.53
  • Price of silver jewelry at Rs 69,225/kilogram: industry body IBJA

silver price: Domestic silver futures broke through the 72,700 rupiah mark to hit a new all-time high on Wednesday, tracking gains in global precious metal rates. Multi Commodity Exchange (MCX) silver futures – due for delivery on September 4 – gained 3,053 rupees (4.37%) to hit a record high of 72,850 rupees during the session, per from their previous close of Rs 69,797. As of 4:52 p.m., the MCX silver futures contract was quoted at 72,287 rupees, up 2,490 rupees or 3.57% from its previous close. (Follow the current silver price here)

This pushed the average price of the September 4 contract to Rs 71,289.53 on Wednesday from Rs 65,779 in the previous session.

The opening price of silver jewelry stood at 69,225 rupees per kilogram on Wednesday, excluding goods and services tax, according to the Mumbai-based industry body India Bullion and Jewelers Association (IBJA).

Meanwhile, gold futures hit an all-time high of Rs 55,039 as global rates extended a record high above the $2,000 an ounce mark amid weakness in the market. US dollar and hope for further stimulus against coronavirus pandemic (Also read: National Gold futures surge to record ₹55,000 ahead of expiry)

The prices of precious metals in the country vary from state to state due to VAT or value added tax. Jewelry prices are calculated taking into account factors such as excise duties and manufacturing costs.

International silver prices jumped 3.20% to $26.84, the highest level since April 2013. With that, silver – which is both a safe-haven asset and widely used in the industry – has taken its gains to 50% so far this year, even outperforming gold.

The dollar – often viewed by investors as a rival safe haven – was last seen down 0.41%. The index measures the greenback against six peers.

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