Silver Soars 7.7% in a Week Amid Rising Safe-Haven Demand; Check City Prices

• Spot silver price rose 0.10% to $78.27 per ounce on January 8, marking a significant 7.69% weekly gain.
• Domestic MCX silver futures reached Rs 2,51,146 per kilogram, previously peaking at Rs 2,59,692 on January 7, 2025.
• Price surge is primarily driven by increased safe-haven demand due to heightened geopolitical concerns (Venezuela) and expectations of Federal Reserve rate reductions.
• Poor U.S. manufacturing PMI data and anticipation of US monthly employment figures also contributed to the upward trend in precious metals.
• City-wise silver prices across India show marginal differences, influenced by local taxes, jeweller margins, and logistics costs.

Why It Matters: Silver prices surged 7.7% in a week, driven by safe-haven demand and Fed rate cut expectations.