On the one hand, domestic gold prices are soaring, and on the other hand, precious silver prices are also rising at a record rate. Recently, silver touched an all-time high of Rs 1 lakh per kg. On the one hand, silver is supported by increased holiday demand and higher gold prices, but on the other hand, there is another reason behind its sharp rise in prices. Anil Agarwal, Indian billionaire and chairman of the Vedanta Group, explained this in detail.
Silver price is around Rs 1 Lakh
First, let us talk about the continued rise in silver prices and then let us tell you that on the Multi Commodity Exchange i.e. MCX, the silver price on Friday, December 5, was at Rs 97,269 on expiration. However, its price has definitely come down as silver prices reached an all-time high of Rs 1,00,289 per kg last week alone. Its price increased by Rs 1,866 within a week. On October 18, the price was Rs 95,403 per kg.
Silver is too expensive this year
In 2024, both the stock market and gold and silver prices hit new heights. Currently, if we talk about silver, its price on MCX on January 1, 2024 was Rs 79,417 per kg and it is currently trading at Rs 97,269. If we calculate based on this, the silver price increased by Rs 17,852 per kg during this period.
If we look at the rise in silver prices over the past year, we see that instead of increasing by Rs 10-20, it has increased by Rs 30,000 per kg. Last year, in the third week of October 2023, the silver price was Rs 72,000 per kg and touched Rs 1,00,289 on Thursday, October 24.
Anil Aggarwal says – Silver is an important metal of the future.
Billionaire Anil Agarwal posted on social media about rising silver prices and described silver as an important mineral in the future, citing it as the main reason for the rising prices. On his Twitter now the demand has also doubled since last year.
Will silver become more valuable than gold?
Silver glitter.
In India, the price has exceeded 100,000 rupees per kilogram! Demand has doubled from last year.
Demand for silver is driven not only by its traditional uses but also by huge industrial demand.
Currently using… pic.twitter.com/JAE4TLlxjr
— Anil Agarwal (@AnilAgarwal_Ved) October 24, 2024
He further wrote that the demand for silver is not only increasing for its traditional uses, but industrial demand is also increasing massively. Today, the use of silver has become widespread and is used in solar panels for renewable energy, electric vehicles (EVs), advanced medical services and many other technologies including electronics. This is a new important mineral for the future.
These are also the reasons why silver prices are rising
If we look at the reasons for the rise in silver prices, there are many reasons supporting the price of silver. Among them, due to the impact of the global geopolitical situation, while gold is shining, the purchase of silver has also increased. The demand for silver in the domestic market has also increased sharply, and it has grown rapidly during the holiday season. Silver prices were also supported by rising gold prices.
