Silver's shine increased further, and the price may cross 1.30 lakh by Diwali, know what experts said.
The reason behind the further increase in the price of silver is the recent touching of $ 37 per ounce in the international market. Apart from this, the an increasing boom in industrial demand.
Silver Price: There is a continuous increase in the price of silver. Its price is currently crossing Rs 1 lakh per kg and if market experts are to be believed, then in the coming time i.e. by Diwali, its price can cross 1.30 lakh. That is, the continuously increasing price of silver is being considered a big sign for the general public as well as investors.
According to Ajay Suresh Kedia, Director of Kedia Advisory, due to technical breakout in the global market, the price of silver can cross from Rs 1.25 lakh to Rs 1 lakh 30 thousand.
Silver jumped in the international market
The reason behind the further increase in the price of silver is the recent touching of $ 37 per ounce in the international market. Along with this, the agreement reached in the recent US-China trade talks has also increased industrial demand. Silver is most in demand for industrial sectors such as electric vehicles, 5G technology and clean energy. This is the reason why its demand is seeing a lot of growth.
What is the price in Delhi
Due to continuous selling by jewelers and stockists, the price of gold in the bullion market of the national capital Delhi fell by Rs 110 to Rs 97,670 per 10 grams. A day before that, on Monday, the price of silver in the local markets rose by Rs 1,000 to a new peak of Rs 1,08,100 per kg.
Deveya Gaglani, Chief Research Analyst (Commodities) at Axis Securities, said traders expect gold prices to remain volatile this week, depending on important macroeconomic events including US inflation data and consumer sentiment data.
