Silver rate today: White metal hits lifetime high at Rs 1.85 lakh/kg; festive demand & weak rupee drive bullion rally

Silver prices soared Rs 6,000 on Tuesday to touch a lifetime high of Rs 1,85,000 per kilogram (inclusive of all taxes), extending their winning streak to the fifth straight session, according to trade data.The white metal had closed at Rs 1,79,000 per kg in the previous session. Traders attributed the sharp rally to strong festive and wedding season demand from jewellers and retailers, as well as a weaker rupee, which slipped 12 paise to revisit its all-time low of 88.80 against the US dollar, PTI reported.Bullion dealers said heightened retail buying ahead of Dhanteras and Diwali has lifted sentiment across precious metals, with both gold and silver hitting record highs in domestic markets.In global trade, spot silver retreated after briefly touching an all-time high of $53.54 per ounce, and was last quoting 1.92 per cent lower at $51.36 per ounce. Spot gold, too, eased from record levels but remained firm, trading 0.72 per cent higher at $4,140.34 per ounce after earlier scaling an all-time high of $4,179.71 per ounce.Meanwhile, On Tuesday, gold prices surged by Rs 2,850, crossing the Rs 1.3 lakh per 10 grams mark in the national capital for the first time, driven by robust festive buying by jewellers and retailers ahead of Dhanteras.As per the All India Sarafa Association, 99.9 per cent purity gold climbed to a record Rs 1,30,800 per 10 grams (inclusive of all taxes) from the previous close of Rs 1,27,950. Similarly, 99.5 per cent purity gold advanced to Rs 1,30,200 per 10 grams, up from Rs 1,27,350 per 10 grams.