Silver price today: The process of rise in silver prices is not taking the name of stopping. Silver Price Future Contract crossed on Tuesday at the Multi Commodity Exchange (MCX) on Tuesday, crossing the Future Contract of ₹ 1,09,000 per kg. The August Future reached ₹ 1,09,250 and September reached ₹ 1,10,420 per kg. That is, silver touched the highest house ever.
Why silver price is increasing
Silver also became expensive in the country’s market. According to Investorgain data, its average price was ₹ 1,10,000 per kg. There is another major reason behind this, increasing stress in Middle East. When there is instability in the world, people invest in silver and gold to keep their capital safe.
Silver has also been supported by the weakening of the rupee against the dollar and the dollar index in the dollar index. US Central Bank – Federal Reserve may also reduce interest rates. When this happens, the demand for things like gold and silver increases.
Expert opinion on silver price
Prithvi Finmart director Manoj Kumar Jain says, “Weakness in rupee can also support the prices of gold and silver. We believe that gold and silver prices will continue to fluctuate this week amidst the fluctuations in the dollar index and geopolitics.
What should investors do?
Axis Securities believe that if silver rests above ₹ 1,07,400, then it can go up to ₹ 1,11,000 and ₹ 1,13,000. But if it closes below ₹ 1,02,000, it may also fall.
Axis Securities has advised to buy MCX silver above Rs 107,500. This includes stop-loss below Rs 105,000 and targets of Rs 111,000 and Rs 113,000.
Also read: Silver Price: Silver price on new peak, know what is the reason for record breaking boom
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