Silver price: Records in silver prices continue. On Monday, June 9, the price of silver reached a record level of ₹ 1,06,400 per kg. This increase was also seen in the futures of July.
Let us know what is the reason for the record rise in silver prices and how much the price can increase now.
Gold shining more shining silver
Silver prices increased by about 9% last week, which is much more than gold. Globally, silver is trading above $ 36.5 an ounce, which is the first seen level in the last ten years.
According to Augmont Goldtech, silver has broken a resistance level of $ 35 an ounce. If the current rise continues, it can reach $ 38 an ounce (about ₹ 1.11 lakh per kg).
The reason for the rise in silver prices
- The American Federal Reserve’s soft policies and weak economic figures are increasing the demand for safe investment.
- US dollar weakness is making silver attractive to investors in other currencies.
- Business tension and partial diplomatic reforms between the US and China maintains stability in silver demand.
- Silver is used on a large scale in solar panels, electric vehicles and electronics. Due to this, demand is also increasing.
Will the price go up to ₹ 130000 kg?
Analysts believe that the upcoming US inflation figures and the June meeting of the Federal Reserve may affect silver prices. If the inflation rate comes higher then there will be a delay in cuts in interest rates. This will strengthen the dollar and be limited to silver.
At the same time, Kedia Fincorp has given a bold projection that silver prices can reach ₹ 1,30,000 per kg by the end of June. There are three major reasons behind this estimate- China’s restriction on export of rare-limited magnets, increasing silver use in electric vehicles (EVS), and low of global supply for the fifth consecutive year.
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