By Admin 
Silver price: We keep an eye on the fluctuations in gold prices, but do you know that in the month of September, the price of silver has increased by 19.4 percent. Whereas in comparison, the price of gold has increased only 13 percent. The price of silver has increased due to increasing demand from solar and technology sectors and decrease in global supply. Silver price increased from Rs 24,500 to Rs 1,50,500 per kg on September 30 to Rs 1,50,500 per kg on September 1. In recent years, this is one of the sharp rise in the price of silver in any one month.
Silver at record high level
On Friday, the price of silver in Delhi remained at the rate of Rs 1,50,000 per kg and on Tuesday it touched its record high level of Rs 1,50,500 per kg. In contrast, gold prices have increased by Rs 14,330 per 10 grams or 13.56 % in September.
On September 1, silver increased by Rs 1,05,670 per 10 grams to Rs 1,20,000 per 10 grams on 30 September. According to the news agency PTI, the experts of the commodity market say that silver is a good option for investment. It also has an industrial demand. The stake in its total demand is 60-70 percent share.
Why is the price of silver increasing?
Commodity market experts say that silver is also a better option for investment and has an industrial demand, due to which it has increased compared to gold. Commodity Desk Head and CRM NS Ramaswamy in Ventura said, “There has been a decrease in silver supply in the market for seven consecutive years. 232 million ounces of silver will be required in 2023 for the solar panel alone. Their demand in electronics, solar panels and electric vehicles is especially in 2023.
He said that there is pressure on silver due to lack of balance between demand and supply. Motilal Oswal Financial Services said that consumption will increase in the next few years amidst solar capacity, electric mobility and increasing scope of 5G rollouts. Spot silver at the global level has reached about 2 percent to $ 47.75 an ounce.
Also read:
How much can you keep sleeping at home? Action will be taken to reserve gold out of the limit, know what is the rule?