Suspense Crime Sach Ka Dam
Silver on Monday rose by Rs 350 to Rs 93,850 per kg in the national capital, the All India Sarafa Association said. Silver contracts for March delivery rose by Rs 738, or 0.8 percent, to Rs 93,186 per kg in futures trading on MCX. Silver also rose 1.89 ppercentto $32.19 an ounce in Asian market hours. Market participants’ focus shifted to the US CPI data to be released on Wednesday, which would provide more cues on the trajectory of bullion prices, they said.
Silver futures prices rise
Silver prices rose by Rs 562 to Rs 93,010 per kg at opthe ening of trade on Monday as participants increased their bets. On the Multi Commodity Exchange (MCX), the price of silver contracts for March delivery rose by Rs 562 to Rs 93,010 per kg in a business turnover of 24,877 lots. Analysts said fresh deals by participants led to the rise in silver prices. Globally, silver was trading 1.03 percent higher at $31.28 an ounce in New York.
Demand for silver in the year 2023
According to a report, the demand for silver was more than 2.6 thousand metric tons in the year 2023. Various items used in Indian homes are often made of silver. These include intricately designed diyas. According to an estimate, both silver jewelry and silverware are expected to grow by 5% in the year 2024. Experts say that India’s physical silver imports will increase in the coming months. It will reach around 6,500-7,000 tonnes by the end of the financial year.
Globally, silver prices have risen since the early 2000s as emerging economies such as China and India increased their consumption. In India alone, the price increased manifold between 2010 and 2013.
