On the one hand, the price of gold in the country is skyrocketing and, on the other, the price of precious silver is also increasing at a record pace. Recently, silver had touched the all-time high level of Rs 1 lakh per kg. On the one hand, silver is supported by the increase in demand during the holidays and the increase in the price of gold; On the other hand, there is another reason behind the sharp increase in its price. Indian billionaire and chairman of Vedanta Group, Anil Agarwal, explained it in detail.
Silver prices are around one lakh rupees.
First of all, let’s talk about the current rise in the price of silver, then let us tell you that on Multi Commodity Exchange i.e. MCX, the price of silver expiring on December 5 last Friday was Rs 97,269. However, some drop in its price was definitely seen, because the price of silver had touched its all-time high of Rs 1,00,289 per kg just last week. Its price has increased by Rs 1,866 in a week. On October 18, it was at Rs 95,403 per kg.
Silver became very expensive this year
In the year 2024, the stock market and gold and silver prices have reached new heights. Currently, if we talk about silver, its price on MCX on January 1, 2024 was Rs 79,417 per kg, which is now trading at Rs 97,269. If we calculate accordingly, the price of silver has increased by Rs 17,852 per kg during this period.
If we look at the increase in the price of silver in the last one year, it has become more expensive not by Rs 10-20, but by Rs 30,000 per kg. Last year, in the third week of October 2023, the price of silver was Rs 72,000 per kg, which reached Rs 1,00,289 on Thursday, October 24.
Anil Aggarwal said: Silver is an important metal of the future.
Billionaire Anil Agarwal made a post on social media about the rise in silver prices and described silver as an important mineral of the future and cited it as one of the main reasons for the rise in prices. On his Twitter (now Demand has also doubled since last year.
Can silver become more precious than gold?
The silver shines.
In India, prices have crossed one lakh rupees per kg! Demand has doubled since last year.
Demand for silver is being driven not only by its traditional uses but also by massive industrial demand.
Now it is being used… pic.twitter.com/JAE4TLlxjr
-Anil Agarwal (@AnilAgarwal_Ved) October 24, 2024
He further wrote that the demand for silver has not only increased due to its traditional uses, but large-scale industrial demand is also increasing. Today, the use of silver has become widespread and is widely used in solar panels for renewable energy, electric vehicles (EV), advanced healthcare, and many other technologies, including electronics. This is an important new mineral of the future.
These are also the reasons for the rise in the price of silver.
If we look at the reasons for the rise in the price of silver, there are many reasons that have supported the price of silver. In this, due to the global geopolitical situation, although gold has shone, the purchase of silver has also increased. There has also been a sharp rise in demand for silver in the domestic market and it has increased rapidly during the festive season. The price of silver has also been supported by the rise in the price of gold.
