Silver Price Soars 5.06% to Rs 3,18,960 Amid Geopolitical Tensions, Weak Rupee

• Silver prices surged by 5.06% to Rs 3,18,960 per kilogram in the domestic market on January 23.
• The rally is attributed to escalating geopolitical concerns, a weakening rupee, robust industrial demand, and strong speculative interest.
• The India Bullion and Jewellers Association (IBJA) reported the price at Rs 3,18,960 at 12:30 pm.
• On MCX, silver futures hit a new peak of Rs 3,41,300, later correcting to Rs 3,38,635.
• International Comex spot silver reached $99.39, nearing the $100 an ounce mark, while the rupee weakened to 91.58 against the US dollar.

Why It Matters: Silver prices are rallying significantly due to global and domestic factors, with further upward potential expected.