Understanding Silver Prices Today and Their Surge Towards ₹1 Lakh
Thursday, 26 September 2024, 00:33
Six Catalysts for Silver Price Growth
Silver prices are witnessing an upward trend, reaching near record highs due to the following key factors:
- Interest Rate Cuts: The recent US Federal Reserve's interest rate reduction is driving silver prices higher.
- China's Stimulus Measures: Major stimulus efforts by China are boosting demand for silver as an industrial metal.
- Growing EV Market: The expanded electric vehicle market necessitates increased silver use.
- Rising Jewelry Demand: Jewelry demand is increasing while production is declining, contributing to tighter supply.
- Gold-Silver Ratio: Economic uncertainties are affecting the gold-silver ratio, favoring silver's rise.
- Technical Indicators: Short-term technical trends indicate bullish momentum for silver prices.
Market Outlook for Silver Prices
The combination of these factors creates a compelling outlook for silver, supporting predictions of it breaching the ₹1 lakh mark on MCX.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.