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There has been a strong rise in the price of silver in the current week. The special thing is that on the last trading day of the week, silver not only crossed the level of Rs 90 thousand for the first time, but also crossed the level of Rs 92 thousand. Silver was up more than 4 percent on Friday from Thursday's close. Talking about the month of May, till 17th, silver has given investors a profit of more than Rs 10,000 per kg. This means that silver has given returns of more than 12 percent to investors. Which has reached above 22 percent in the current year. According to experts, further increase in the price of silver may be seen. So know what is the current price of silver.
Silver prices at record level
Silver prices reached record high on Multi Commodity Exchange on Friday. According to MCX data, the price of silver was Rs 91,024 per kg when the market closed on Friday. Whereas during the trading session the price of silver reached Rs 92,536 per kg. Whereas a day earlier i.e. on Thursday, the price of silver was Rs 87,300 per kg. This means that the price of silver increased by Rs 200 on Friday. An increase of 3,724 was seen. That means, in a single day, silver has given a return of 4.26 percent to the investors. This has rarely been the case for silver in recent years.
Earned more than Rs 10 thousand in the month of May
Talking about the month of May, silver has earned investors more than 12 percent in the month of May. This means investors will have to pay Rs. Earned a profit of more than Rs 10,000. If we try to understand from these figures, the price of silver on the last trading day of April was Rs 80,851 per kg. Since then i.e. till May 17, an increase of Rs 10,165 per kg has been seen in the price of silver. This is also a big benefit for investors in May. Which is found more than gold.
Earnings of more than 22 percent in the current year
Talking about the current year, silver has given more returns to investors than gold. According to the data, in the current year i.e. in the period of about five and a half months, silver holdings have increased by 22.33 percent. Last year, the price of silver on the last trading day was Rs 74,403 per kg. In which till now an increase of Rs 16,621 per kg has been seen. Whereas gold has given a return of 17.06 percent to the investors. If experts are to be believed, further increase may be seen in the coming days.
Why the surge?
Many important reasons are believed to be behind the increase in silver prices. China's economy is reviving. Due to which the demand for gold as well as silver is also increasing. This demand for silver may be for industrial use. On the other hand, solar panel production is continuously increasing in India. In which silver is used a lot. This is also considered a big reason. This means that demand from India and China is increasing, apart from this, according to the data, silver prices are also seen increasing due to increase in industrial metals. Copper prices have seen an increase of 25.49 percent in the current year.
Some special things about silver
- Silver prices in foreign markets have crossed $ 30 an ounce for the first time since 2013.
- Silver prices have risen due to strong investment and industrial demand.
- The sale of physical form of silver has increased significantly. This reason is also responsible for the increase in prices.
- If the Fed cuts rates and the US economy remains strong, the gold-silver ratio is expected to decline.
- Silver continues to benefit from the use of solar panels, which is expected to reach record highs this year.
Silver is at record levels in foreign markets
Talking about the price of silver in foreign markets, the record of almost 11 years is being broken. After the year 2013, the price of silver was seen crossing the level of $ 30 per ounce. According to the data, on Friday the price of silver on Comex increased by 4.63 percent to $ 31.26 an ounce. Whereas the spot price of silver was seen with an increase of 6.48 percent at $ 31.49 an ounce. British and European markets also saw a rise of more than 6 percent in silver prices. Silver prices in Britain increased by 6.20 percent to 24.79 pounds per ounce. In European markets, silver rose by 6.55 percent to 28.98 euros per ounce.
Also know the sleeping position
Talking about gold, it has also increased, but the prices have not come close to the old records. Talking about Friday, the price of gold on MCX saw an increase of Rs 731 compared to Thursday and its price was seen at Rs 73,711 per ten grams. Talking about one week, an increase of Rs 984 per ten grams has been seen in the price. On the other hand, a rise in gold prices has been seen in foreign markets also. Gold futures were seen 1.34 percent higher at $ 2,417.40 an ounce. At the same time, the spot price of gold increased by 1.61 percent to $ 2,415.22 per ounce.