Categories: Business

silver price up on higher industrial demand

Photo: FILE

gold and silver price

new Delhi. During the crisis of Corona, there is a tendency of investors towards precious metals, which has led to the possibility of prices reaching new record levels. There is a sharp rise in silver as compared to gold. During the Corona period, on March 18, the price of silver was broken by Rs 33,580 per kg on the MSX, after which the prices have risen more than double so far. On the other hand, gold has seen a third increase during this period.

Shantibhai Patel, president of the Gem and Jewelery Trade Council of India, told IANS that this time demand in silver may remain tremendous, so silver prices may touch previous record levels. Silver on MCX jumped to a record Rs 73,600 per kg on 25 April 2011, while silver in the spot market jumped by Rs 77,000 per kg in 2011.

On the other hand, MCX gold was trading at Rs 52,286 per 10 grams, up by Rs 185, or 0.36 per cent, from the previous session closing in August futures contract, while before that, gold rose to Rs 52,435 per 10 grams. Has a record level of. At the same time, the price of gold was Rs 38,400 per 10 grams on March 16, 2020, after which gold has increased by 36.54 percent so far.

According to market experts, due to the increasing outbreak of coronavirus infection, silver mining has been disrupted and industrial activity in various countries of the world is back on track, with the expectation of increasing industrial demand for silver. In the international market, silver fell below $ 12 an ounce on March 18, while on Tuesday, silver rose above $ 26 an ounce on Comex.

This post was published on July 28, 2020 2:41 pm

Content Team

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