Silver is shining brighter than ever! The price of silver just hit $34.87 per troy ounce, the highest it’s been in 12 years. This exciting news has caught the attention of investors and people curious about precious metals. Let’s break down what’s happening and why silver is making such a big splash.
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MCX Silver Update
Why Silver Prices Are Climbing
Over the last four weeks, silver prices have jumped by 5.1%. That’s a nice increase in just one month! If we look at the past year, silver has gone up by 11.21%, showing steady growth. But why is this happening? Several reasons could be driving this surge. For starters, silver is used in many industries, like electronics, solar panels, and jewelry. When demand for these products goes up, so does the need for silver. Plus, some people buy silver as a safe investment when the economy feels uncertain.
What This Means for You
If you’re thinking about investing in silver, now might be a great time to pay attention. Higher prices could mean bigger returns if you already own silver or plan to buy some. However, it’s always smart to do your homework before jumping in. Silver prices can go up and down, so understanding the market is key. You might want to talk to a financial advisor to see if silver fits into your plans.
For those who love collecting spot silver coins or jewelry, this price hike might make things a bit more expensive. But it also means your silver items could be worth more than before! Whether you’re an investor or just a fan of silver’s sparkle, this is an exciting moment.
What’s Next for Silver?
Nobody can predict the future, but silver’s recent climb suggests it’s a metal to watch. Will it keep going up? That depends on things like global demand, economic trends, and even new technologies that use silver. Keeping an eye on market updates can help you stay informed.
US Fed rate cut boost precious metals
On September 18, the US Federal Reserve slashed the benchmark interest rate by 50 basis points (bps) or half a percentage point to 4.75 per cent to 5 per cent for the first time in four years. Silver rose by ₹1,000 to ₹94,000 per kg, reported PTI. The metal had hit ₹93,000 per kg previously.
Silver rose to its highest level in nearly 12 years, reported Reuters. “Silver is going to continue to rally over the coming quarters because of the consecutive rate cuts and as China’s stimulus could continue for some time,” a Reuters report said quoting Amelia Xiao Fu, head of commodity markets at BOCI.
One of the primary catalysts for the rally in silver has been gold because of their strong correlation, the report said quoting Aneeka Gupta, director of macroeconomic research at WisdomTree.
The bulk of the remaining demand for silver has been driven by the industrial sector, as it is used in photovoltaic products like solar panels nearly doubled over the prior year.
The gold contracts in the futures trade increased by ₹162 or 0.22 per cent to trade at ₹75,475 per 10 grams on the Multi Commodity Exchange (MCX) for October delivery.
Silver contracts rose to ₹1,034 or 1.12 per cent to ₹93,079 per kilogram on the bourse for December delivery. The COMEX gold surged by 0.61 per cent at $2,701.20 per ounce in the international markets, it added.
Other metals such as platinum surged by 2.6 per cent at $1,013.75 and palladium rose by 2 per cent at $1,058.75.
Final Thoughts
Silver’s price reaching $34.87 per troy ounce is a big deal—it’s the highest in 12 years! With a 5.1% rise in just four weeks and 11.21% over the past year, silver is proving to be a hot topic. Whether you’re an investor, collector, or just curious, now’s a great time to learn more about this precious metal. Stay tuned for more updates, and who knows? Silver might keep shining even brighter!
