Silver Prices Reach Record Highs in India
Silver futures on the Multi Commodity Exchange (MCX) climbed to unprecedented levels, crossing Rs 1.78 lakh per kilogram. The surge follows growing expectations of interest rate cuts by the US Federal Reserve, a weaker US dollar, and robust industrial demand.
Market Dynamics
Traders noted that silver’s upward trajectory was supported by optimism surrounding monetary easing and increased global manufacturing activity. A softer dollar typically boosts precious metals, making them more attractive for investors holding other currencies.
Industrial and Investment Demand
Silver’s dual role as both a precious metal and an industrial commodity continued to drive prices. Demand from sectors like electronics, renewable energy, and electric vehicles contributed significantly to its rally.
Future Outlook
Analysts predict that if the Federal Reserve proceeds with rate cuts, silver could approach the Rs 2 lakh per kilogram milestone. However, short-term volatility remains possible due to fluctuating global economic conditions.
"Silver’s momentum shows both speculative strength and real industrial underpinnings," said a commodities strategist.
Author’s Summary: Silver prices in India hit a historic high of Rs 1.78 lakh per kg, fueled by US rate-cut expectations, a weaker dollar, and strong industrial demand, edging closer to the Rs 2 lakh mark.
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