Key Points
A popular ratio that determines the relative values of gold and silver is pointing to an outperformance in silver soon driven by a likely shift in preference to the cheaper precious metal following the recent rally in gold prices and a pick-up in industrial demand, said money managers and analysts...
Both gold and silver have risen about 11% so far in 2023, but the rally in silver prices could sustain for longer from here on, given the robust demand for metal which finds wide industrial usage as well...
Silver prices have given a breakout and moved past its initial resistance level of 72,000, and could now head for about 85,000-86,000 on the MCX, he said.. India is the world's largest consumer of silver, and imports as much as 90% of its requirement (about 9,500 tonnes in 2022)..
Prices for silver will continue to be high," said Arun Misra, the chief executive officer of Hindustan Zinc, India's largest and the world's fifth largest producer of silver...
"The demand for silver is coming from usage in the 5G technology, different areas in the electric vehicles and renewable energy - all these indicating that industrial demand will be very robust.," said Navneet Damani, senior vice-president for commodity research at Motilal Oswal Securities..
