Gold prices have increased considerably in the recent past, and this is largely attributed to a rise in procurement of the yellow metal by central banks around the world, that have procured the metal amidst global volatility.

Silver Prices Surge

Many investors have also resorted to the precious metal for stability in their investments as local currencies fall.

However, it is not just Gold; another shining metal is also in the limelight. Silver, another major component of investment, has also seen an uptick in its prices.

Silver prices have jumped by a major Rs 3,000 in Mumbai markets as per the data set maintained by Good Returns. On Saturday, January 11, the value of the metal stood at Rs 93,550 per kilogram.

As of January 21, the prices have surged by Rs 3,000 for a kilogram, taking the overall value to Rs 96,500, nearing a lakh for a kilogram.

Why Is Silver Surging?

As Donald Trump takes charge of the most powerful office, his policies and decisions from the Oval Office in Washington is bound to have far-reaching consequences.

As a result of this, investors are looking for safer avenues that can sustain the pressure of volatilities in the market, which could have an impact on important goods and crude oil prices.

Gold, while being a safe bet for many, is also something that many powerful market sources, including central banks around the globe, are expected to buy up even more, therefore, looking at the potential paucity in availability of the yellow metal, active investors may look at diversifying their interests.

US, Mexico, Bolivia and Peru are some of the largest producers of silver around the globe.

When we take a look at the recent spike in the prices of gold, the metal's value has surged to Rs 81,525 for 10 grams in Mumbai. 10 days ago, on January 11, the price of gold stood at Rs 80,210 for 10 grams.