Silver rate today: Silver prices continue to soar, with the precious metal crossing the Rs 1 lakh mark for the second consecutive day in the physical market. On Tuesday, silver traded at Rs 1,01,323 per kg, reflecting a significant increase of Rs 1,241 per kg compared to the previous day.
According to an ET report, Surendra Mehta, national secretary of India Bullion & Jewellery Association (IBJA), has expressed concerns about the potential impact on silver demand during the upcoming Dhanteras-Diwali period, predicting a possible 15-20% drop in volume.
Mehta attributed the recent price surge to silver's undervaluation for an extended period and speculated that Russia's accumulation of the metal might be contributing to the upward trend. He is of the view that silver is now on a bull run.
Jateen Trivedi, VP research analyst commodity & currency at LKP Securities, highlighted the growing appeal of silver as a more affordable alternative to gold, especially as gold prices reach Rs 78,000 for 10 grams.
Additionally, Trivedi noted the increasing demand from the electric vehicle (EV) sector and photovoltaic applications, which is expected to sustain global demand in the medium to long term.
On the Multi Commodity Exchange (MCX), silver futures for December 5 expiry and March 5, 2025 expiry reached all-time highs of Rs 98,598 per kg and Rs 1,00,564 per kg, respectively.
The surge in MCX silver prices was supported by Comex silver climbing to $34 per ounce, triggering fresh buying interest as market participants anticipate further gains. In the short term, resistance for silver on the MCX is seen at the key psychological level of Rs 100,000, while support is found around Rs 96,000-96,500.
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