Silver explodes to Rs 383,160 per kg, gold hits Rs 170,000/10 grams

 

 

 

Silver and gold prices are rallying to new highs and conquering fresh peaks because of strong demand in the international and domestic markets. Silver expoded to Rs 383,160 per kg level, while gold hit the Rs 170,000 per 10 grams level. Silver price are rising due to strong industrial demand, while gold prices are surging due to geopolitical instability and trade wars in the international markets. Experts feel that exceptional high demand for gold and silver has created a demand and supply mismatch which is driving prices higher. They expect silver to hit Rs 4 lakh per kg level and gold to cross Rs 2 lakh per 10 grams level in the next few months. In the Itwari Sarafa Bazar, silver is at all time high of Rs 383,160 per kg and gold at Rs 170,000 per 10 grams (including GST) on Wednesday.

 

Rajesh Rokde, Chairman of All India Gems and Jewellery Domestic Council (GJC) said, “Silver prices are rising mainly because of strong industrial demand, especially from solar energy and electric vehicles, while supply remains limited. At the same time, global uncertainty and inflation concerns are pushing investors towards silver as a hedge.” He further said silver was undervalued compared to gold, so we’re now seeing a catch-up rally. Silver is rising because it combines industrial growth and investment demand, which is a powerful price driver.” Rokde further said that silver rates were rising because of robust industrial demand. Silver is not just a precious metal these days, but has become a key industrial metal with heavy use in solar panels, growing demand from electric vehicles (EVs) and electronics products. To compound the matter geopolitical uncertainty and volatile stock markets are pushing silver demand sharply higher. Investors are looking at silver as a safe and affordable hedge compared to gold.

 

He explained that the EV battery manufacturers have developed new batteries that can fully recharge within 2 hours, compared to old batteries that took 6 hours. These new batteries require 1 kg silver, so the demand for silver as an industrial metal is growing. Kishor Sheth, Director of Batukbhai Jewellers, Shankar Nagar said that the demand for gold and silver has experienced a record-breaking surge, driven by a combination of safe-haven buying, industrial demand, and significant central bank acquisitions.