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Gold and its prices are being discussed all over the world. But silver is moving at a very fast pace. The main reason for this is the close relations between India and China. Yes, India is said to be the world's largest silver importer and silver import has increased in the last few months. The effect of which is visible on the price of silver. If we talk about today, the price of silver in the futures market of India has crossed Rs 84 thousand for the first time. It will soon reach Rs. 85 thousand and by the end of the year Rs. It is expected to be more than 90 thousand.
According to experts, China's PMI data has been quite good. China is moving itself forward again. At the same time, demand for silver has increased due to solar panel manufacturing in India. Silver mining in Peru has declined. Demand has increased due to reduction in import duty in UAE. Apart from this, the effect of increase in the price of gold is also being seen on the price of silver. These are some important reasons due to which record breaking increase in silver prices is being seen. Let us also tell you what has been the price of silver from foreign markets to the futures market of India.
Silver crosses Rs 84 thousand
For the first time in the country's futures market, the price of silver has reached a record level of Rs 84 thousand. According to Multi Commodity Exchange data, it was Rs. The new lifetime high of 84,668 has been reached. At 1:10 pm, silver was trading at Rs 84,260 per kg with a gain of Rs 1,413.
However, today the price of silver opened at Rs 83239. After this, a rise in the price of silver is being seen. On the previous trading day, the price of silver had closed at Rs 82,847 per kg.
Talking about the current month, there has been a good rise in the prices of silver. On the last trading day of March, the price of silver was Rs 75,048 per kg. In which an increase of Rs 9620 has been seen.
That means an increase of about 13 percent has been seen in the price of silver in the current month. Silver prices have increased by 12 percent in the current year. An increase of 12 percent has been seen in the beginning of the year.
This is why it is increasing
Increasing demand from China: There has been a surge in demand for silver from China. According to experts, China's PMI data has been quite good. China is busy strengthening itself. There is a boom in the manufacturing sector. In such a situation, the industrial demand for silver has also increased. This is the reason why the price of silver has increased.
More imports from India: Due to increase in silver prices, imports from India are also expected to increase. Ever since the production of solar panels has increased, the demand for silver has increased. Silver import has increased by 260 percent in the month of February. This year we may see an increase of 66 percent in silver imports. The special thing is that about 3000 tonnes of silver has been imported in the first two months of the year.
Increase in imports from UAE: Under the India-UAE agreement, the import duty has been reduced by the government. Due to which more import of silver is being seen from UAE. Due to which there has been a rise in the price of silver.
Effect of increase in base metal: An increase is being seen in base metals like copper, zinc etc. A few days ago, copper prices had reached the highest level in 14 months. Mining problems in Africa have affected production as well as supply. Due to which the price of silver along with copper has also increased.
Effect on gold prices: On the other hand, gold prices are rising due to Fed rate cut expectations and geopolitical tensions. Its effect is also visible on the price of silver. Due to this, the price of silver in the local futures market has crossed Rs 84 thousand.
Reduction in Silver Mining: On the other hand, supply remains low due to a reduction in silver mining due to the strike in Peru. The effect of which is visible on the price of silver. The supply of silver may decrease in the coming days. The price has increased due to decrease in supply compared to demand.