Ahmedabad: Anticipating a higher return on silver, investors increasingly turned to do silver in January.
Because the silver price plunges to a low of Rs 61,000 per kg, precious metals once again catch the eyes of investors.
In January 2022, silver 141mt was imported into Gujarat, according to data by the AHMedabad Air Cargo Complex (AACC) – up six folds compared to 20mt in December 2021.
Higher procurement for industrial use in addition to the procurement by jewelry and bar traders have pushed demanding, Suggest analysts.
Silver prices reached Rs 62,500 per kg on Thursday.
“Investors anticipate silver prices to touch Rs 70,000 Park per kg in the upcoming days and hence, because the price of plunging, investment becomes an increase in silver.
Investors anticipate better returns in the coming days because of further prices,” said Haresh Acharya, Chancellor, Bullion Association and Indian Jewelry (IBJA).
“Moreover, silver is widely used for industrial purposes to produce electronic circuits and other components.
With plunging prices, industrial procurement tends to rise,” Acharya was further added.
An estimated 25% of the consumption of silver is for in-industrial purposes, suggest industrial stakeholders.
Analysts also said that many companies have launched traded silver silver funds, which also get a lot of traction.
Jewelry and bar traders also connects the surge in silver imports to emit requests for jewelry and artifacts.
“For young people, silver increasingly becomes the preferred choice for jewelry because the light in the pocket and various designs and op-tihanis is now available.
The trend has taken especially for the past year and we ordered silver jewelry.
Penup demand also triggered a lot of silver requests Between consumers, “said Jigar Soni, President, Jewelers Association Ahmedabad (JAA).
“After the period of the Kamurta was appointed, the request was fired significantly well,” Soni added.