new Delhi. There is a strong rise in the silver price in the worldwide markets including India. Silver price rises are seen during Coronavirus Era. If we talk about India, then in two days, the price of silver has increased by more than 7 thousand rupees per kg. At the same time, silver prices are increasing by 6% in New York, London and Europe. According to experts, the price of silver can surpass 75 thousand per kg even before Deepawali. The question is, who put wings in the price of silver? Why are silver prices soaring. Read the special report of the magazine …
Tremendous rise in silver price in India
To start with India, the price of silver in Indian futures market is showing a rise of more than 6 percent. At 12.20 pm, silver is trading at Rs 61015 per kg, rising by Rs 3673. While the price of silver reached the level of Rs 61280 during the trading session. In two days, the price of silver has seen a rise of more than 7 thousand rupees per kg. If we talk about April, then the price of silver has increased by more than 50%. The average price of silver for the month of April was Rs 41390 per kg. At the same time, from March, the highest level of silver in this month was Rs 47870 per kg. After the corona virus lockdown, the price came down to a low of Rs 33580 per kg. After which, so far, the price of silver has increased by more than 95 percent.
Since April, some prices have increased in this way
If done by the month of April then the complete lockdown had already started. Due to which, the price of silver has increased by 3.71 percent. In May, the price of silver was seen to rise further. According to the data, silver jumped 22.27 percent in the month of May. There was a sharp rise in the price of gold that month. Many investors turned to silver due to the exit. Unlock 1 started in the month of June and there was a sharp trend in the stock markets across India including India. On the other hand, silver did not see much increase due to the dollar’s appreciation against the rupee, or that it was flat with a rise of 0.50 per cent. Talking about July, there has been a 22 per cent rise in silver prices so far. According to experts, the figures for the month of July may increase.
Increase in the price of silver in foreign markets
Not only in Indian markets, but also in foreign markets, there has been an increase in the price of gold. Currently, silver is up 6 per cent at around $ 22.84 an ounce in the Comex market. At the same time, silver is trading 5.36 per cent at 17.63 pounds per ounce in London markets. On the other hand, the price of silver in European markets is up by 5 per cent at 19.42 euros ons. According to experts, more than 250 silver mining has come to a standstill due to the number of corona virus and deaths abroad. Due to which there has been a tremendous increase in the price of silver in foreign markets. The effect of which is being seen in India as well.
The real reasons for the rise in silver prices
According to John Hopkins University, there has been an increase of 14.5 million corona cases worldwide and 6 lakh people have died.
– According to the S&P report, 275 silver mining worldwide has come to a standstill.
– Latin America produces the most silver in the world, where the situation has deteriorated. Mexico has beaten Italy in the case of Corona.
– The economy of the world is running in crisis. Tension between the US and China is also increasing. In such a situation, there is a trend of investors from silver.
– Silver prices in New York may go up to $ 20.77 an ons in the coming days.
– Correction is being seen in Gold Silver Ratio. In February, this ratio reached 90 levels.
– Globally, silver ETF holdings have seen a 21% increase.
– Due to the arrival of solar panels, and other manufacturing demand, silver prices are seeing a rise.
According to the report of Citigroup, the price of silver can go up to $ 25 per ons by December 2020.
According to Morgan Stanley, silver prices may increase further.
– Goldman Shakes says that there is a steady increase in demand for silver as gold has reached its highest level.
75 thousand records can be broken before Deepawali
According to Ajay Kedia, director of Kedia Advisory, there has been a sharp rise in the prices of silver due to stagnation in the mining worldwide. This boom is likely to persist in the coming days as well. The reason for this is increased global demand. Due to the corona virus, production in mining is decreasing and demand is increasing. In such a situation, the price of silver will increase further. He said that if the global and local sentiments remain the same with silver, then before Deepawali, silver prices can cross the 75 thousand level, which is a record level till now.
Rising demand in India
On the other hand, there has been a change in industrial demand with industrial demand in India. Zika effect can be seen in the coming days. According to Anuj Gupta, Deputy Vice-President, Commodity and Research, Angel Group, in recent times, there has been a change in the behavior of the general public of the country in the days of corona virus. Especially due to the gating of 50 people at weddings, the trend of giving silver wedding cards and silver moments has not increased. He further said that the demand for sweets, dry fruit and other food-gift items for the upcoming festive season, especially Deepawali, will be less. In place of them, there are chances of increase in prices due to demand for silver gift items and durables.
Gold crosses 50 thousand rupees for the first time
On the other hand, the price of gold also set a new record of 50 thousand rupees per ten grams in the futures market. Gold futures on MCX were trading at Rs 50,040 per 10 gram, up by Rs 513, or 1.04 per cent, from the previous session, while the price of gold rose to Rs 50,085 per 10 gram on MCX before that. A new record of sentiment is higher. On the other hand, in New York’s Comex market, gold futures contracts on COMEX were trading at $ 1860.15 an ounce, an increase of $ 16.25, or 0.88 per cent, from the previous session, compared to $ 1866.75 during the previous trade. Bounced to per ounce.