Meanwhile, the Nippon India Silver ETF rose 5.8% to its day’s high of Rs 95.
Silver prices on MCX also closed positively on Friday, settling at Rs 95,402 per kilogram with a gain of 3.99%. So far this month, silver prices have soared by Rs 7,500/kg.
“Silver prices have gained strong upward momentum, and physical market prices have crossed Rs 100,000 per kg in India. As gold prices skyrocket, retail buyers are increasingly turning to silver, considering it a relatively cheaper alternative at these levels, especially now that gold is touching Rs 78,000 per 10 grams,” he said. Jateen TrivediVice President Research Analyst: Commodities and Currencies, LKP Securities.
Furthermore, March silver futures prices on MCX have already crossed the Rs 1 lakh/kg mark today, touching an all-time high of Rs 1,00,564/kg.
Silver’s rise is being driven not only by its appeal as a more affordable precious metal, but also by growing demand from the electric vehicle (EV) sector and photovoltaic applications, which is expected to sustain global demand in the medium to long term. deadline, he stated. he added. Silver, or the white metal, demonstrated strong performance over the past week following the European Central Bank’s decision to cut interest rates at its recent monetary policy meeting. Additionally, rising tensions in the Middle East and Uncertainty surrounding the upcoming US presidential election has contributed to bullion’s rally.
“On the MCX, silver prices have risen to Rs 98,000, supported by Comex silver rising to $34 an ounce. A breach of the $34 mark has sparked fresh buying interest in silver as market participants anticipate further gains. In the short term, silver resistance on MCX is seen at Rs 100,000, a key psychological level, while support lies between Rs 96,000 and Rs 96,500,” Trivedi said.
Last week, silver prices also hit a 12-year high in international markets.
With the current bullish sentiment in the silver market, driven primarily by industrial demand and gold’s rally, silver’s bullish momentum appears strong.
Analysts believe investors are likely to continue viewing dips as buying opportunities, keeping the white metal well supported in the coming sessions.
(Disclaimer: Recommendations, suggestions, views and opinions provided by experts are their own. They do not represent the views of Economic Times)
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