The prices of precious metals like gold and silver are continuously increasing. Especially the prices of silver are skyrocketing. On the trading day on Friday, the price of silver rose by ₹9,350 per kg in the country’s capital Delhi. After this increase, silver reached the level of ₹ 2,36,350. If we look at the last week, on December 19, silver was trading at around ₹ 2,04,100, and now its price has crossed ₹ 2,36,000. Let us understand the reasons for this increase and the situation in the international market…
international market situation
A huge jump has been seen in the prices of silver in the international market. Spot silver crossed $75 an ounce for the first time. During this period the price increased by $3.72, or about 5.18 percent. During trading, the price of silver rose to a record high of $75.63 an ounce.
Why is the demand for silver increasing?
A major reason for the increase in silver prices is the continuously increasing demand from the industrial sector. Demand for silver has increased in factories and technology sector. Additionally, limited global silver production and increased demand have contributed to the rise in silver prices. Silver is an important element in emerging segments such as solid-state batteries. It is also used in electric vehicles, solar energy sector etc. This is the reason why industrial demand is continuously supporting silver prices. Experts believe that currently, around 850 million ounces of silver is being produced globally, while the demand for silver is 1.16 billion ounces. Apart from this, tensions between the US and Venezuela may also impact silver exports.