Amidst the volatility, the support for silver is currently at the level of 60 thousand. Below that it can reach up to 58 thousand. In such a situation, there is an opportunity to buy on the decline.
For now the price will continue to fluctuate.
Record inflation in America (Record inflation in America) between the price of gold and silver (Gold Silver latest price) pressure is being observed. On the last day of the week, silver fell by Rs 246 on MCX (silver price today) closed at the level of Rs 63020. Brokerage firm Motilal Oswal believes that there is definitely pressure on the price of silver at the moment, but in the next 12-15 months it can touch the level of 80 thousand. It can see a rise of 27 percent from the current level. Gold and silver performed tremendously in 2020 due to Corona. However, both the expensive metals gave negative returns in 2021. Last year, Gold gave a negative return of 4 per cent and Silver 8 per cent on MCX. Silver for May delivery has closed at Rs 63834 this week.
On MCX, this week gold closed at the level of Rs 49102. Gold for April delivery closed this week with a jump of Rs 147. The gold for delivery in June rose by Rs 229 to close at Rs 49275. In the bullion market, there was a slight rise in gold this week, while the price of silver fell by Rs 626. On Friday, gold rose by Rs 22 to Rs 48669 and silver by Rs 626 to close at Rs 62214.
The Federal Reserve’s decision will have an effect
Commodity expert Navneet Damani of Motilal Oswal said that in the coming times, the price of expensive metals depends on the performance of the Federal Reserve, inflation, dollar value and yield. In the midst of increasing tension in international politics and the problem of inflation, the price of expensive metals will be supported.
The volatility in the price of silver will continue for now
Damani said that in the midst of volatility, support for silver is currently at the level of 60 thousand. Below that it can reach up to 58 thousand. Above is its resistance at 65500 and 67500 levels. In such a situation, if there is a further fall in the price of silver, then investors should make a position.
Record demand for silver expected in 2022
Talking about the demand, the demand for silver in 2022 is estimated to be at a record level of 1.112 billion oz. Industry will have a big contribution in this. Physical silver investment may see a jump of 13 per cent this year. 11 percent increase is possible in silver jewellery.
Silver ETF also launched in India
Recently India’s first Silver Exchange Traded Fund has been launched. With its help, investors can invest in silver. Till now, there were many options available for investing in gold. Now investment options are available in Silver also. Silver is also used to make electric vehicles, solar panels and medical devices. The government is serious about renewable energy and electric vehicles. In such a situation, there is every possibility of an increase in demand. Overall, silver is used for hedging as well as industrial purposes due to inflation. In such a situation, double demand will remain.