New Delhi, Jun 9 (PTI) Silver prices soared Rs 1,000 to hit a fresh peak of Rs 1,08,100 per kilogram in the national capital on Monday, in line with firm global cues, according to the All India Sarafa Association.

On Saturday, the metal traded flat at Rs 1,07,100 per kg (inclusive of all taxes). Prior to that, the white metal on Friday had soared Rs 3,000 to hit another record high of Rs 1,07,100 per kilogram.

Also Read | Are You Seeing 'X' Ads With 'Hrithik Roshan' or 'Shreya Ghoshal' Photo? Scam Campaigns Use AI-Generated Images and Fake Headlines To Trick Users Into Scam Ads.

Traders said silver prices surged due to strong investor demand, a weak dollar against major currencies, heightened geopolitical tensions, and firm industrial demand from the EV and solar sectors.

Gold of 99.9 per cent purity fell Rs 280 to Rs 97,780 per 10 grams (inclusive of all taxes) on Monday. The precious metal had declined by Rs 1,630 to Rs 98,060 per 10 grams on Saturday.

Also Read | Online Scam in Mumbai: Woman Loses INR 99,000 After Making INR 9 UPI Payment To Fake 'Urban Club' Cleaning App in Andheri West, Case Registered.

The yellow metal of 99.5 per cent purity dipped Rs 250 to Rs 97,350 per 10 grams (inclusive of all taxes). It had depreciated by Rs 1,500 to Rs 97,600 per 10 grams in the previous market close.

Globally, spot gold rose marginally to USD 3,312.84 per ounce.

"Gold consolidated in the lower end of its range on Monday amid mixed signals. The highly anticipated talks between the US and China have raised hopes that the two largest economies can make progress on various disputes, which could reduce demand for safe havens".

"Additionally, the latest Nonfarm Payrolls report in the US was strong, prompting traders to re-evaluate their expectations regarding a potential easing of monetary policy by the Federal Reserve, which also serves as a headwind for the yellow metal," Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.

Spot silver rose 0.9 per cent to USD 36.30 per ounce in the international market.

"Silver prices stood out with strong gains hitting a 13-year high on the global stage and achieving lifetime highs in the domestic markets," Mehta Equities' Vice-President, Commodities Rahul Kalantri said.

"Improving sentiment from softer European inflation and trade optimism helped silver breach the USD 36 per ounce level, breaking out of a long-standing consolidation range," Kalantri added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)