In today's bullion market, gold and silver prices have declined. Gold has dropped by Rs 1197 over the past two sessions, while silver has decreased by Rs 2180. The opening price for gold today stood at Rs 71549 per 10 grams, marking a Rs 66 decrease. Likewise, the price of silver has fallen by Rs 185 per kg to Rs 88486. Please note that these rates do not include GST.
Expert insights on silver:
According to Kedia Commodities, there are indications of a potential bullish trend in the silver market. The price has surged to its highest point since 2013, with increased Chinese buying driving the momentum. Silver demand is expected to keep growing, especially in the electrical, electronics, and photovoltaic sectors.
The Silver Institute forecasts a net inflow of 50 million ounces into Exchange-Traded Products (ETP) by 2024. This could effectively double the anticipated global supply reduction. Currently, there is significant silver buying activity in the market, with buyers being advised to consider purchasing after a minor drop to around 86500. Despite such cautionary advice, it is expected that the price of silver will likely breach Rs 1,00,000 by the year's end.