By Dilipp S Nag
MUMBAI – The spot price of silver in Mumbai rose to an all-time high of 57,695 rupees ($1,300) a kilogram Tuesday, the Bombay Bullion Association said, driven by global cues and investment demand.
Mumbai is India's largest bullion market and the country is the world's biggest bullion consumer and importer.
Global spot silver hit a new 31-year high of $38.78/oz Tuesday. Concerns over the situation in the Middle East helped increase investment demand for the metals as a safe haven and a refuge from inflation.
In India, most farmers invest in gold and silver as they aren't exposed to other forms of asset classes.
