Silver prices have soared in Indian Markets over the past few trading sessions. Today on MCX, Silver prices surged 6.6% to Rs 61,130 per kg. Silver has jumped 6% in the previous session. In just three days, silver has reached over Rs 8000 per kg. On Tuesday, September prices of silver futures surged 2.5% nearly Rs 1350 per kg to Rs 55,328 per kg. In the previous session, silver had surged over Rs 1150 per kg.
In global markets, Silver prices have jumped to the highest in almost seven years due to the rebound in industrial demand, as it is used to manufacture various products ranging from solar panels to electronics. Yesterday it has jumped 1.6% to $20.22, as its highest since August 2016 and today, it has climbed nearly around 7.2% to $22.8366 an ounce, as recorded its highest since 2013.
Commodity prices have risen as investors optimistic mindset over China’s recovery. While Silver supply in Mexico and Latin America remain high amid rising virus cases as per analyst. The US has also announced $1 trillion in the plans to seek economic relief. European Union leaders had agreed to an unprecedented stimulus package of $850 billion to pull back their economies out of a virus recession, on Tuesday. Gold is viewed as a hedge against the rising prices and currency debasement.
the top performers of Bloomberg Commodity Index this year is Gold and Silver as investors claim it to be the safest option against economic fallout from the virus and low-interest rates and easy monetary policies have bolstered the demand of the non-interest-bearing assets making metals to all-time highs.
Silver Prices Rises Rs 8,500, Breaks Record of 7 Years
