Silver prices touch record high of ₹94,000 per kg
Thu May 30 2024
While gold prices have remained stable, silver prices touched a record high of Rs 94,000 per kg in the Ahmedabad market on Wednesday. Driven by geopolitical events and high demand in industrial and retail markets, silver prices have been climbing to new peaks.
In terms of returns, silver has outperformed gold this year, gaining about 18%
year-till-date (YTD).Gold price, however, remained stable at Rs 74,750 per 10g
in the domestic market.
Haresh Acharya, director, India Bullion and Jewellers’ Association (IBJA) said,
“The ongoing geopolitical tensions and economic uncertainty, an anticipated
interest rate reduction by the US Federal Reserve, increased
demand in Chinese market and rising industrial demand have led to a surge in silver prices.”
“The demand for silver is rising in the industrial sector, especially for
electronics, solar panels, EVs and telecom sector applications, indicating that
demand will further rise,” Acharya further said. Silver
imports too have increased — from Jan to April, Gujarat’s silver imports were
1,238.75 metric tonnes (MT). This is 79.3% of the annual imports of 1,561.84 MT
in FY 2024.
Increased procurements from both India and China could further support silver
prices according to industry players.
Local silver futures hit a record high of Rs 96,493 ($1,158.01) per kg on
Wednesday, up nearly 28% so far.
Almost half of this year’s imports have come from the United Arab Emirates,
taking advantage of lower import duty, mostly through the India International
Bullion Exchange (IIBX) situated at GIFT City in Gandhinagar.
Source: https://timesofindia.indiatimes.com/