Silver Price Today: After the record-breaking rise in gold, now silver has increased the tension of buyers. There is a strong rise in silver due to increasing demand for electrical vehicle and solar panel industries. Be it Indian markets or global markets, silver has broken records.
In the domestic futures market, the price of silver crossed Rs 92000 per kg for the first time on May 17 and touched the record level of Rs 92536. At the same time, in the international market, silver crossed the level of $ 30 per ounce, breaking the record of 11 years. So why is there such a big rise in silver, Will the price of silver cross Rs 1 lakh this year itself.
Why did silver rise rapidly
The price of silver has increased by about 25% in the year 2024 alone. Silver prices are boosted by the bull run of base metal. Especially the spot demand for silver has increased rapidly.
Because there is a huge demand for it from solar panel and electric vehicle industries. Whereas production is weak compared to demand. In such a situation, prices are going up like a rocket.
It is estimated that industrial demand may increase by 9% this year. Especially the demand in the solar sector is expected to increase by 20%. The demand for silver jewellery is also expected to increase by 6%.
Expert’s view on silver
Kainaat Chainwala of Kotak Securities said that in the future also, silver as an industrial metal can benefit from the increase in strength of base metal. Bullish sentiment in the emerging equity market is also positive for silver.
In such a situation, it is expected that due to an increase in industrial use, the price of silver may remain positive in the future. However, the slowdown in the economy in China is a big risk. Therefore, in the next 3 months, the rate of silver on MCX may remain in the range of Rs 75000 to Rs 92000 per kg.
Mehta Equities’ Commodities VP Rahul Kalantri said that silver prices may increase further in the international market. As soon as it breaks the important level of $30, it can show further momentum.
Therefore, it is estimated that if the price of silver remains above $30, then silver may show further strength of 7 to 10 percent in the bull run. Whereas if it slips below the level of $30, it can slip to the level of $28.50 and $27.90 per ounce.
For the long term, domestic brokerage firms like Motilal Oswal Financial Services have given a big target on silver. Under this, the price of silver can also touch the level of Rs 1 lakh per kg in the long run. Let us tell you that in the last 15 days only, the rate of silver has increased by more than Rs 7000.
Brokerage’s target on silver for 2024
Brokerage Target (₹/kg)
Motilal Oswal 1 Lakh
Prithvi Finmart 1 Lakh
Tradebulls Securities 98500
Augment Gold 91000
HDFC Securities 90000
Silver in the international market
The rise of silver is not stopping in the international market. On Friday, silver closed at a record level of $ 31.77 per hour on COMEX, registering a rise of 7% during intraday itself. Let us tell you that silver on COMEX has crossed the level of $30 for the first time since 2013. On MCX, silver crossed the record level of Rs 92000.
