Silver surges to record high of $52.50/oz

by · The Hans India

Highlights

Mumbai: Silver prices soared to an all-time high above $52.50 an ounce on Tuesday, boosted by a historic short squeeze in London and strong demand for...


Mumbai: Silver prices soared to an all-time high above $52.50 an ounce on Tuesday, boosted by a historic short squeeze in London and strong demand for safe-haven assets amid global economic uncertainty. Spot silver rose as much as 0.4 per cent to $52.58 an ounce in London, breaking the previous record set in January 1980, when the billionaire Hunt brothers tried to corner the market.

Gold prices also climbed to a new record, marking eight consecutive weeks of gains, supported by rising geopolitical tensions and expectations of US interest rate cuts.

The rally in silver comes amid concerns over liquidity in the London market, which has triggered a worldwide rush to secure the metal.

Prices in London are trading at a rare premium compared to New York, prompting traders to fly silver bars across the Atlantic -- a costly move usually reserved for gold -- to benefit from higher prices.