India, Dec. 17 -- Silver prices in India surged to an all-time high on Wednesday, supported by a global rally, amid signs of tighter supplies and expectations of future interest-rate cuts by the US Federal Reserve.

On the Multi Commodity Exchange, the silver rate surged by Rs.4.14% to Rs.2,05,934 per kg, even as the gold rate increased 0.13% to Rs.1,34,409/10 gm.

"Both precious metals gold and silver are so-called 'safe haven' assets. Both have performed well this year, but silver has outperformed with around 80% return," V.K. Vijayakumar, chief investment strategist at Geojit Investments Ltd., told HT Business over email.

What sets silver apart is its wide application in the "sunrise" sectors of electric vehicles, solar power and elec...