Silver Prices Outlook :This year silver has outperformed gold (Silver vs GoldSilver has outperformed in 2024. Silver has grown by 18 per cent in 2024 and has reached its record high. In today’s trade, silver has reached a price of Rs 96493 per kg, close to 96500. Experts believe that now the level of 1 lakh is not far away for silver and it has the potential to cross the level of 1,00,000 this year itself. Many factors at the domestic and global level are also supporting the prices of silver. Especially the increasing industrial demand and geopolitical tension are further strengthening its outlook.
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Why will the price of Chandi increase rapidly?Silver Outlook)
Anuj Gupta, Head- Commodity and Currency at HDFC Securities, said that silver has seen a strong rally in recent times due to rising expectations of a rate cut in September. In addition, industrial metals have seen growth in recent times, after a period of consolidation, as global manufacturing activities have improved. This positive development has also contributed to the rise in silver prices.
He says that if we discuss the demand outlook, the rapid adoption of green energy is increasing the industrial demand for silver. The Silver Institute’s initial estimates say that global industrial demand for silver will reach record highs, creating another significant market gap.
Silver has the potential to outperform other asset classes. Long-term fundamentals are positive for silver, with global demand likely to exceed supply, which will support prices.
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Anuj Gupta says that from a level-specific perspective, Comex silver can rise from $34 to $36 per ounce in the short term. A decisive breakout above the $36 level will open further upside to the $42 level. Chandi has support at $26.0/24.80.
Investors and traders should maintain their investments in silver and make fresh investments as the bullish trend in silver is well established and is likely to continue. However, traders should trade with stop losses as volatility is likely to increase in the short term. Silver may reach the level of Rs 100000 per kg by the end of 2024.
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Silver will cross 1 lakh
Colin Shah, MD of Kama Jewellery, says that silver prices have outperformed gold this year. Silver has increased by about 18 per cent so far this year. Apart from being a precious metal and having ornamental value, silver is also considered an industrial metal. Silver is an essential raw material in electric vehicles, solar panels and 5G antennas, among other products, which is expected to drive the global economy due to a steady increase in demand in the coming year. Silver prices have been rising sharply for the last few days due to ongoing geo-political tensions, economic uncertainty, inflation, strong industrial demand along with expectations of rate cuts. There is a possibility of a strong rally going forward, in which silver may cross the Rs 1,00,000 mark by the end of 2024 with the support of the current conditions.
(Note: Here we have given investment advice based on conversations with experts. These are not the personal views of Financial Express. There are risks in the market, so invest only after taking advice from experts.)