Silver reached Rs 89,680 per kg, including GST it reached Rs 92 thousand per kg
Silver price: Silver broke all previous records and created a new definition of prices. On Friday, silver reached Rs 89,680 per kg on MCX. At the same time, the price in the market with GST reached around Rs 92 thousand per kg. On one hand, customers disappeared from the market due to historical highs, while on the other hand, investors in the futures market collapsed. Indiscriminate purchasing, speculation and international situation are being cited by China as the reason for inflation. Silver gave huge profits to investors in MCX as well as the market. The minimum price of silver in the futures market in January was Rs 72,973 per kg, which reached close to Rs 90 thousand in mid-May. That means it gave a return of about 22 percent in just five months. At the same time, in the first week of May, the price of silver on MCX was Rs 80,275 per kg.
silver price on mcx
month maximum minimum
April 87,580 76,544
March 79,751 72,418
February 74,778 71,826
January 76,962 72,973
December 78,050 73,846
(Note- Price in Rupees, Market Price = MCX + Rs 2500 approx)
Impact of China’s indiscriminate buying and speculation
The use of silver has increased significantly in the industrial sector. In the last four years, the consumption of silver in electrical and electronics equipment has almost doubled. China is a big player in both these sectors. Apart from being a big producer, China is also number one in consumption. This is the reason why China is buying silver indiscriminately. The remaining task has been completed by betting. National President of All India Jewelers and Goldsmith Federation, Pankaj Arora said that silver is rising more than gold. If this pace continues, silver may soon cross Rs 1 lakh per kg. Due to inflation, customers are missing in the market. Advised that jewelers should not sell gold and silver for the sake of earning money. This is the right time to invest in gold instead of silver. Rudra Stocks and Brokers Ltd. Vinod Khanna, Vice President, said that on Diwali, the price per kg was Rs 70 thousand, which has reached Rs 90 thousand today. Speculation also has an impact on prices.
