Silver touched a historic high of Rs 1 lakh per kg with a Goods & Services Tax (GST) of 3 per cent in the physical market on Monday, up by almost Rs 5,000 per kg from Friday.
“Prices may soon touch Rs 1.25 lakh per kg. Silver, the poor man’s gold, is on a bull run as industrial demand of the metal is on the rise. Also the rising gold prices is impacting the price rally of silver,” said Prithviraj Kothari, president of India Bullion & Jewellers Association (IBJA).
Jateen Trivedi, VP Research Analyst- Commodity & Currency at LKP Securities said " Silver prices have gained strong upward momentum, with physical market prices surpassing Rs 100,000 per kg in India. As gold prices soar, retail buyers are increasingly turning to silver, viewing it as a relatively cheaper alternative at these levels, especially with gold now touching ?78,000 for 10 grams. The rise in silver is being driven not only by its appeal as a more affordable precious metal but also by increasing demand from the electric vehicle (EV) sector and photovoltaic applications, which is expected to sustain global demand in the medium to long term.”
On the MCX, silver prices have surged to Rs 98,000, supported by Comex silver climbing to $34 per ounce. A breach of the $34 mark has triggered fresh buying interest in silver, as market participants anticipate further gains. In the short term, resistance for silver in MCX is seen at Rs 100,000, a key psychological level, while support is found around Rs 96,000-Rs 96,500.
With the ongoing bullish sentiment in the silver market, primarily driven by industrial demand and gold's rally, silver's upward momentum appears strong. Investors are likely to continue to view dips as buying opportunities, keeping the white metal well-supported in the coming sessions, added Trivedi.
“Prices may soon touch Rs 1.25 lakh per kg. Silver, the poor man’s gold, is on a bull run as industrial demand of the metal is on the rise. Also the rising gold prices is impacting the price rally of silver,” said Prithviraj Kothari, president of India Bullion & Jewellers Association (IBJA).
Jateen Trivedi, VP Research Analyst- Commodity & Currency at LKP Securities said " Silver prices have gained strong upward momentum, with physical market prices surpassing Rs 100,000 per kg in India. As gold prices soar, retail buyers are increasingly turning to silver, viewing it as a relatively cheaper alternative at these levels, especially with gold now touching ?78,000 for 10 grams. The rise in silver is being driven not only by its appeal as a more affordable precious metal but also by increasing demand from the electric vehicle (EV) sector and photovoltaic applications, which is expected to sustain global demand in the medium to long term.”
On the MCX, silver prices have surged to Rs 98,000, supported by Comex silver climbing to $34 per ounce. A breach of the $34 mark has triggered fresh buying interest in silver, as market participants anticipate further gains. In the short term, resistance for silver in MCX is seen at Rs 100,000, a key psychological level, while support is found around Rs 96,000-Rs 96,500.
With the ongoing bullish sentiment in the silver market, primarily driven by industrial demand and gold's rally, silver's upward momentum appears strong. Investors are likely to continue to view dips as buying opportunities, keeping the white metal well-supported in the coming sessions, added Trivedi.
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