Silver Price Today: Silver can become your silver, know how far the price of silver can go – silver can hit rs 90,000 soon it could be the new gold for your portfolio
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Analysts say that the ratio comparing the price of gold and silver currently stands at 80. Historically it has been in the range of 65 to 75. It is clear from this that there is scope for further increase in the price of silver. Ravindra Rao, Commodity Head, Commodity Research, Kotak Securities, said that if you look at the gold-silver ratio, silver is likely to become overvalued. Silver has given a breakout and has overcome the initial resistance of Rs 72,000 and it can now test Rs 85,000-86,000 on MCX. India is the largest consumer of silver in the world and imports 90 per cent of its requirement. In 2022, India had imported 9,500 tonnes of silver. Industry sources say that the prices are likely to remain firm due to tight supply.
Why will the price increase
According to Arun Mishra, CEO of Hindustan Zinc, the country’s largest and world’s fifth largest silver producer, the stock of silver worldwide is at its lowest level in the last four-five years. That’s why there is a huge demand for silver all over the world. In such a situation, the price of silver will remain high. Navneet Damani, senior price-president of commodity research at Motilal Oswal Securities, said silver is being used in 5G technology, electronic vehicles and renewable energy. It is clear from this that its industrial demand will remain strong. Pent-up demand may be seen in the near future.
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