Quote on Silver from Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
Below the Quote on Silver from Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities
"Silver prices have continued their rapid upward momentum, surging past Rs.100,000 in the physical Indian markets, with the fast-paced rally suggesting that prices could reach Rs.110,000 before Diwali. As retail investors rush to buy silver, spurred by the heavy rise in gold prices, silver appears relatively more affordable at Rs.100,000 per kilogram, while gold is now trading at Rs.78,000 for 10 grams.
The global demand for silver, driven by the electric vehicle (EV) industry and the rising use of photovoltaic technologies in renewable energy, is contributing to a sustainable increase in silver's value. This strong demand outlook, coupled with macroeconomic uncertainty and geopolitical tensions, has provided further support for silver's rally. On the MCX, silver prices have touched the ?99,000 mark, buoyed by Comex silver, which has reached $34.40. The breach of the $34 level has ignited fresh buying interest, solidifying silver’s bullish trend.
In the short term, silver faces resistance around Rs.100,000-Rs.101,000, with the next target of Rs.110,000 in view. Meanwhile, support for silver is seen in the Rs.96,000-Rs.96,500 range. With Diwali approaching and the sustained demand for precious metals, silver is expected to continue its robust performance, making it an attractive investment in the current market environment."
Above views are of the author and not of the website kindly read disclaimer
