Silver prices have hit record highs in India as demand for the precious metal continues to outpace supply, creating a sharp rise in both spot and futures markets. The sudden surge has even forced three major fund houses, Kotak Mutual Fund, UTI Mutual Fund, and ICICI Prudential Mutual Fund, to temporarily stop accepting fresh lump sum investments in their silver ETF fund of funds.
This move, according to the fund houses, is aimed at protecting investors from entering the market at inflated prices. Currently, physical silver in India is trading at a massive 12% premium over global rates, far higher than the usual half a per cent difference.
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