Weekly Silver Review: Sentiments Supported As Global Demand Seen Spiking 8% In 2021

12 Feb 2022 , 02:52 PM

Silver futures stayed supported in volatile trading this week. The white metal moved up above $23 per ounce to hit a two week high of $23.71 per ounce. Silver Institute stated that global silver demand is forecast to achieve a record high in 2022, rising 8% to 1.112 billion ounces, driven by projected record silver industrial demand as well as physical silver investment demand, which should enjoy double-digit gains, reaching a seven-year high this year. Silver Institute said that in 2022, the silver market will build on the strong foundation set last year and that the increase in silver demand will be driven by record silver industrial fabrication, which is forecast to improve by 5%, as silvers use expands in both traditional and critical green technologies. MCX Silver futures also saw repeated support around Rs 62000 per kg mark and weak Indian Rupee offered further boost to the local futures. The benchmark futures closed just above Rs 63000 per kg.

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