Silver also rose by 1.89 percent at $32.19 an ounce during Asian market hours.
In the national capital on Monday, silver rose by Rs 350 to Rs 93,850 per kg. All India Bullion Association gave this information. Silver contracts for March delivery rose by Rs 738, or 0.8 per cent, to Rs 93,186 per kg in futures trade on MCX. Silver also rose by 1.89 percent at $32.19 an ounce during Asian market hours. He said market participants’ attention turned to US CPI data due to be released on Wednesday, which will provide more signals on the trajectory of bullion prices.
rise in silver futures prices
Silver prices rose by Rs 562 to Rs 93,010 per kg at the start of trading on Monday as participants increased their bets. On the Multi Commodity Exchange (MCX), silver contracts for March delivery rose by Rs 562 to Rs 93,010 per kg on a business turnover of 24,877 lots. Analysts said the rise in silver prices was driven by fresh placing of deals by participants. Globally, silver was trading 1.03 percent higher at $31.28 an ounce in New York.
Demand for silver in the year 2023
According to a report, the demand for silver in the year 2023 was more than 2.6 thousand metric tons. Various items used in Indian homes are often made of silver. These also include intricately designed lamps. According to an estimate, both silver jewelery and silver utensils are expected to increase by 5% in the year 2024. Experts say that India’s physical silver imports will increase in the coming months. It will reach around 6,500-7,000 tonnes by the end of the financial year.
Globally, silver prices rose since the early 2000s as emerging economies such as China and India increased their consumption. In India itself, prices increased manifold between 2010 and 2013.
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