New Delhi: silver prices continued their upward trend on Wednesday, reaching a new all-time high. According to the India Bullion Jewellers Association (IBJA), silver rates increased by Rs 4,850 to reach Rs 2,48,000 per kilogram, up from Rs 2,43,150 on Tuesday.

In contrast, gold prices remained relatively stable. The price of 24-carat gold rose slightly by Rs 15 to Rs 1,36,675 per 10 grams from Rs 1,36,660. Similarly, 22-carat gold increased to Rs 1,25,194 per 10 grams from Rs 1,25,181, and 18-carat gold rose to Rs 1,02,506 from Rs 1,02,495 per 10 grams.

However, in the futures market, both gold and silver prices declined. The price of gold contracts for February 5, 2026, fell by 0.80 percent to Rs 1,37,969. Silver contracts for March 5, 2026, dropped by 2.12 percent to Rs 2,53,326.

Internationally, gold and silver prices also saw a decline. On the COMEX exchange, gold prices fell by 0.85 percent to $4,457.71 per ounce, while silver dropped by 2.89 percent to $78.692 per ounce.

Jatin Trivedi of LKP Securities attributed the weakness in the futures market to the Indian rupee strengthening by 0.30 percent against the US dollar, reaching 89.84.

He further noted that the upcoming week in the US market will be data-heavy, with reports on ADP non-farm employment, non-farm payrolls, and initial jobless claims expected. These figures may bring volatility and direction to gold prices. For now, gold is expected to trade between Rs 1,36,500 and Rs 1,41,000 per 10 grams in the near future.