Silver prices in India rallied to record highs on Thursday. This was powered by a strong global bullion rally and rising investor demand.

On the Multi Commodity Exchange (MCX), silver futures for March delivery jumped 5.73% to an all-time high of Rs 4.07 lakh per kg. This marked the first time silver crossed the Rs 4 lakh level in futures trade. The white metal has outperformed gold recently. It has been supported by firm industrial demand and tight global supply.

Gold prices also hit fresh domestic highs. Gold futures for February delivery climbed 8.8% to a lifetime high of Rs 1.80 lakh per 10 grams on the MCX. This was due to tracking sharp gains in overseas markets.

Globally, bullion prices also surged. On Comex, gold futures crossed $5,600 per ounce for the first time. Meanwhile, silver futures hit a fresh record near $120 an ounce.

Analysts attributed the rally to a weaker US dollar, persistent inflation concerns, strong central-bank buying, and safe-haven demand amid geopolitical tensions. Precious metals also drew support after the US Federal Reserve kept interest rates unchanged. This reinforced gold and silver’s appeal as a hedge.

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