MUMBAI: Silver futures in India have witnessed a substantial rise, driven by robust spot demand and favorable global market trends. On the Multi Commodity Exchange (MCX), December contracts surged by ₹956 to ₹92,700 per kilogram in the latest trading session, representing a 1.04% gain. The upward momentum reflects increased trading activity, with 33,690 lots registered during the session.
Globally, silver prices climbed to $31.98 per ounce, marking their highest levels since 2012. Factors such as the weakening U.S. dollar, geopolitical uncertainties, and rising industrial demand have fueled the surge. Silver’s critical role in renewable energy applications, including solar panels and electric vehicles, has further amplified its market appeal.
Experts predict that silver prices in India could cross ₹1,00,000 per kilogram by year-end. This bullish sentiment is supported by the Federal Reserve’s interest rate cuts, China’s economic stimulus measures, and a declining global supply of silver due to production challenges in major mining countries like Mexico and Peru.
The growing adoption of green technologies and increased jewelry demand contribute to the optimism. Technical indicators suggest further gains, with opportunities for strategic long positions during market corrections.
Source: Web Team, C6N
