Silver futures scaled up impressively as a recent retreat led to good bargain buying amid a modest decline in the US dollar. The commodity broke above $23 per ounce mark and hit a seven month high on excellent buying support. The Indian demand trends are supportive for the white metal, thereby keeping it elevated in recent weeks despite visible stress in key industrial metal Copper. Robust fundamentals are capping the downside and the commodity is up more than $2.50 per ounce in last one month. Global demand for silver is expected to rise 16 per cent this year to 1.21 billion ounces, creating the biggest deficit in decades, according to the Silver Institute last week. Use of silver by industry, for jewellery and silverware and for bars and coins for retail investors were all forecast to reach record levels, the institute said. Automakers are using more silver as the amount of electronics in vehicles increases, but the sector accounts for only around 5 per cent of total demand. Solar panels account for around 10 per cent of silver demand. The Silver Institute predicted a deficit of 194 million ounces this year, up from 48 million ounces in 2021.Powered by Commodity Insights
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.