Silver prices have reached record high. On June 18, the silver futures reached Rs 1.10 lakh per kg on the Commodity Exchange MCX. Prices up Rs 100 compared to June 17 are an indication that investors are buying silver when geopolitical tension increases. There was also a rise in silver in the international market. This led to the price of $ 37.23 an ounce. Silver has reached this level for the first time since February 2012.
Silver shines due to increased ziopolitical tension
Experts say the fight between Iran-Israel is increasing. This makes investors bullion ie gold and silver (Silver) Investing in. On the other hand, uncertainty in the global economy and weakness in rupee have also increased the interest of investors in silver. Whenever there is upheaval in the world, the brightness of safe assets is increased. Gold and silver have been considered a safe means of prolonged investment.
Silver crosses $ 37 after a decade
VP (Commodities) Rahul Kalantari in Mehta Equities said, “There is a lot of ups and downs in gold and silver as the geopolitical tension increases. Silver has crossed $ 37 after nearly a decade. The rupee has increased the interest of investors in silver due to weakness in the rupee.” He said that the next resistance level for silver is Rs 1.09-1.10 lakh. The support level for this is 1.08-1.07 lakh rupees.
Should you invest?
Silver is often seen as a cheap alternative to gold. Both investment and jewelery are the option of silver gold. Generally, silver brightness also increases as gold prices rise. Sandeep Raichura, executive director and CEO of PL Capital Group, said that we have advised investors to increase investment in silver. The reason for this is that global outlook is uncertain. The fight in Iran and Israel is increasing. The tariff war between Jose-China is not over yet. This can lead to a boom in silver.
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There is a big difference between gold and silver. Silver is used in the production of many things including electronic equipment. Therefore, the demand for silver increases as industrial activities increase. This increases prices. On the other hand, gold is used only as jewelery and safe investment. However, both gold and silver fall under bullion. People have been investing in them for centuries. The value of gold and silver remains in every situation.