Silver prices surged to fresh record highs in domestic and overseas markets on Wednesday, driven by a weaker US dollar, expectations of easier monetary policy and rising geopolitical tensions.In the national capital, silver jumped by Rs 9,750 to hit an all-time high of Rs 2,27,000 per kilogram, according to the All India Sarafa Association. The metal had settled at Rs 2,17,250 per kg in the previous session, PTI reported.“Spot silver crossed the $72 level as bullion prices hit record highs in the international markets,” Saumil Gandhi, senior analyst – commodities at HDFC Securities, said.So far in the calendar year, silver has rallied sharply, rising by Rs 1,37,300, or 153.06%, from Rs 89,700 per kg recorded on December 31, 2024.Gandhi said a combination of a weak US dollar, expectations of a dovish stance from the US Federal Reserve and ongoing geopolitical tensions continued to support prices.Gold prices, however, eased marginally in the local market. Gold of 99.9% purity slipped Rs 50 to trade at Rs 1,40,800 per 10 grams (inclusive of all taxes), compared with Rs 1,40,850 in the previous session.In global markets, gold touched a fresh milestone, crossing the $4,500 per ounce mark for the first time. Spot gold rose $41.18, or 0.92%, to $4,525.96 per ounce.“Spot gold reached a fresh record high of $4,525 per ounce in the Asian session as the US dollar remains on the defensive,” Praveen Singh, head of commodities and currencies at Mirae Asset Sharekhan, said, PTI quoted.Over the past four sessions, gold prices have climbed $186.46, or 4.3%, from the December 19 close of $4,339.50. On a year-to-date basis, the metal has gained $1,920.19, or 73.7%, from $2,605.77 per ounce recorded at the end of 2024.Silver extended its rally in overseas trade for the fourth straight session, rising $1.22, or 1.71%, to a new record of $72.70 per ounce.“Spot silver rose to hit record $72 per ounce, fuelled by anticipation of further monetary policy easing by the US Federal Reserve and heightened geopolitical tensions,” Renisha Chainani, head of research at Augmont, said.Over the last four sessions, silver has jumped $5.56, or 8.3%, from $67.14 per ounce on December 19. For the year so far, the white metal has surged by $43.73, or 151%, from levels seen at the end of 2024.Chainani added that rising tensions between the US and Venezuela have also boosted safe-haven demand for bullion, while recent US Q3 GDP data failed to lend support to the dollar despite growing bets on two Fed rate cuts in 2026.