22 carat gold was Rs 74500 per 10 grams.
Silver made a new record in Jaipur on Monday. During evening trading in the bullion market of Jaipur, silver was sold at a price of up to Rs 1 lakh 600 per kg. At 12 noon, the price of silver was fixed at Rs 99,800 per kg in Bullion Traders Committee, Jaipur.
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According to committee prices, silver is Rs 1,300. Per kg remained fast. On the last day of 2023, the price of silver was Rs 75,800 per kg. Till now silver has become costlier by Rs 24,000 per kg i.e. 32%. On the other hand, gold remains at the record level of Rs 80 thousand/10 grams.
Here, the price of 24 carat gold at jewelers shop in Mumbai increased by Rs 804/10 grams to Rs 78,214/10 grams. Silver Rs 3136. It rose sharply to Rs 97,254/kg. In case of silver, this was the fourth day when the prices remained high. It was Rs 94,118 on the last trading day Friday. But it was.
Silver crossed Rs 1 lakh/kg on the country’s futures market (Multi Commodity Exchange – MCX). This new price of silver was for deals with expiry of March 5, 2025. Experts believe that this phase of buying in silver is going to continue in future also.
The reason is clear that people feel that despite the strong demand for silver, till now silver is being available at a lower price than gold. Therefore shopping is in full swing. On the other hand, along with silver, gold prices are also making records.
Silver has become costlier by 32.56% so far this year
The price of silver in Mumbai on January 1 was Rs 73,395/kg. Now it has become Rs 97,254/kg. That means silver has increased by 32.56% this year. Thus this year the price of gold was Rs 63,352/per ten grams. On October 21, gold was Rs 78,214/ten grams. That means there has been an increase of 23.45%.
Demand for metal increased due to low interest rates in China, industrial demand increased
- Industrial Demand: Use of silver increased in solar panels being used as alternative energy. It is being used in TV, circuit boards and switches. Used as cathode in batteries. In such a situation, due to increasing demand, the prices of silver are increasing rapidly.
- Interest deduction in China: China has recently cut interest rates to boost the economy. After this the demand for metal has suddenly strengthened. Its effect is visible on the prices of both silver and gold.
- Global Stress: The war continues between Israel-Hamas and Russia-Ukraine. As of now, there is little chance of it stopping. Investors are focusing on safe options. This is bringing a rise in both gold and silver.
Rs 1.30 lakh/kg possible: There is uncertainty in the US elections. Prices will keep increasing till the result. Demand for silver is also high due to AI and EV. Silver worth Rs 1.30 lakh in this financial year. Can go up to kilos.
What next… The ratio of gold and silver prices is currently 84, if this pace continues it will come down to 60.
Ajay Kedia, director of Kedia Advisory, says, ‘Currently the ratio between the prices of gold and silver is 84. That means the price of 10 grams of gold is 84 times the price of 10 grams of silver. This may come down to 60% in the next 12-14 months. The meaning is clear that there may be an unexpected rise in the prices of silver in the coming time. Silver may overtake gold in terms of rising prices.
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