Mr. Colin Shah, MD, Kama Jewelry
Silver prices have outperformed gold this year, gaining about ~18% Year-Till-Date (YTD). In addition to being a precious metal, having ornamental value, silver is also considered as an industrial metal. Silver is an imperative raw material in electric vehicles, solar panels, and 5G antennas, among other products that are expected to drive the global economy in the coming years, supported by a constant rise in demand. Fuelled by the on-going geopolitical tensions, economic uncertainty, higher inflation, anticipation of rate cuts coupled with robust industrial demand, silver prices are increasingly gaining momentum from the past few days.
Going ahead, given its hybrid nature of being a precious and an industrial metal, a robust rally seems to be in the foresight, with a possibility to breach INR 1,00,000 mark by the end of 2024 supported by the ongoing circumstances.
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