Silver hits new peak of Rs 1.04 lakh/kg amid global, industrial push
Silver touched a new high of Rs 1,04,675 per kg on Thursday. The precious metal crossed the Rs 1 lakh mark on June 3 and was trading at Rs 1,00,980 per kg.
'The increase in silver prices was largely expected, given gold's extraordinary performance, which set the stage for silver's growth. Despite silver being widely used in industrial applications, its price has not surged as dramatically as gold's,' Rajesh Rokde, chairman of All India Gem & Jewellery Domestic Council (GJC).
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Recently, reports indicate that Ukraine launched drone strikes on Russian airfields, targeting military aircraft2. In response, Russian President Vladimir Putin has stated that Moscow will retaliate. The geopolitical tension surrounding this situation could have significant implications for global markets, including precious metals like silver.
'This is a powerful threat, and it could also boost silver prices. Given the current circumstances, there is a strong expectation of a massive surge in silver prices,' Rokde said.
From a fundamental perspective, the silver market remains on solid footing. The Silver Institute forecasts another supply-demand deficit in 2025, marking the fifth consecutive year of shortfall. Industrial demand, a key pillar, is projected to hit a new high, bolstered by growth in green energy sectors. Silver industrial fabrication is expected to rise by 3%, exceeding 700 million ounces for the first time. Investment demand is also projected to grow by 3%, driven by recovery in Europe and North America.
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