Silver hits a new lifetime high of Rs 89,000

New Delhi: Extending the record-breaking run to the second day in a row, silver prices hit lifetime high level of Rs89,000 in the local market on Friday, even as gold prices fell Rs150 to Rs73,900 per 10 grams in line with firm trends in the overseas markets. According to HDFC Securities, silver prices jumped Rs300 to Rs89,000 per kg in the national capital. It had closed at Rs88,700 per kg in the previous session. Meanwhile, gold prices declined Rs150 to Rs73,900 per 10 grams.

In the previous session, it had settled at Rs74,050. “Gold prices retreated on Friday as the US dollar and US Treasury yields recovered from multi-week lows. The US dollar index is currently quoting higher by 0.22 per cent against the previous close. “Traders reassessed the future path of interest rates, leading to a recovery in the US dollar and yields, following the US Fed’s policymakers’ emphasis on the need for US inflation to decrease further to justify lower borrowing costs and indicating that borrowing costs should remain higher for an extended period,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.