Experts are showing positive intentions regarding silver in the next one year. According to experts, we may see an increase of 15 percent in the price of silver in the next 3 to four quarters. This means that investors can earn huge profits.
Attraction towards gold is natural. In bad times, only gold kept at home comes in handy. What we are going to tell you today. After that your respect for silver will also increase. In the coming one year, the price of silver may cross Rs 85 thousand. Yes, this is not a joke. A report has said that the price of silver may see an increase of Rs 12 to 13 thousand from the current level. This means clearly that investors are going to earn huge profits from silver in the coming year.
There are many reasons for this rise. According to experts, a rise in the price of silver can be seen due to increase in industrial demand of silver and lack of supply due to less mining. On the other hand, due to the Fed putting brakes on interest rates, an increase in the dollar index may be seen. The effect of which can be seen in gold as well as silver. Let us also tell you how the rise in the price of silver can be seen.
It has been claimed in this report
According to the report of Motilal Oswal Financial Services, after the rise in the first four months of 2023, there has been volatility in silver prices. However, according to the report, after every major fall, domestic silver prices are seeing a high level change. As of today, the price of silver is being sold in the retail market at around Rs 74,500 per kg. However, in the last 10 days the price of silver has seen a fall of about Rs 1000. On September 6, 2023, it was being sold in the retail market at around Rs 75,200 per kg. The MOFSL report said that the rise in silver is likely to continue and the metal may rise by 15 percent in the next few quarters.
How did silver perform in 2023?
In the beginning of 2023, the performance of silver was quite good. Due to concerns in the American banking and loan sector, there was an 11 percent increase in the price of silver in the first four months of this year. However, the MOFSL report said, “This momentum was tempered to some extent by the Federal Reserve's 'hawkish pause' policy, impacting both precious and industrial metals.
Due to these reasons the price of silver may rise
There may be an increase in demand for silver in green tech like solar energy, electric vehicle (EV) and 5G technology. Due to which a rise in the price of silver may be seen.
Fed has increased America's growth forecast in 2023, indicating a soft landing. Due to which support can be seen on silver.
According to Silver Institute data, the market balance may remain in deficit for the third consecutive year, which will provide further support to silver prices.
Positive signals from China regarding economic development and industrial demand may be seen increasing silver prices.
Should I buy silver?
In the report, Motilal Oswal Financial Services has advised buying at lower levels with immediate support at Rs 70,500, while strong mid-term support is at Rs 68,000. At high level, MOFSL can target prices at Rs 82,000 in the next 12 months and Rs 85,000 thereafter. As we are getting closer to the festive season, silver prices are expected to increase due to domestic demand. However, concerns about recession have subsided, the report said. At the same time, as the price of gold increases, silver will also be seen getting its support.
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