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Below the Quote on Silver by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

"Silver prices have gained strong upward momentum, with physical market prices surpassing ?100,000 per kg in India. As gold prices soar, retail buyers are increasingly turning to silver, viewing it as a relatively cheaper alternative at these levels, especially with gold now touching ?78,000 for 10 grams. The rise in silver is being driven not only by its appeal as a more affordable precious metal but also by increasing demand from the electric vehicle (EV) sector and photovoltaic applications, which is expected to sustain global demand in the medium to long term.

On the MCX, silver prices have surged to Rs.98,000, supported by Comex silver climbing to $34 per ounce. A breach of the $34 mark has triggered fresh buying interest in silver, as market participants anticipate further gains. In the short term, resistance for silver in MCX is seen at Rs.100,000, a key psychological level, while support is found around Rs.96,000-Rs.96,500.
With the ongoing bullish sentiment in the silver market, primarily driven by industrial demand and gold's rally, silver's upward momentum appears strong. Investors are likely to continue to view dips as buying opportunities, keeping the white metal well-supported in the coming sessions."

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