Silver Price: Silver jumped overnight, jumped by Rs 4700
Why was there laziness during the day?
According to market experts, international signals remained weak in the day’s session. Silver prices remained stuck in a range due to the strength of the dollar and limited demand in the global markets. Buyers appeared cautious in the domestic market too, due to which there was not much movement in prices throughout the day.
Why did the sudden increase occur at night?
The situation changed rapidly as the evening approached. Demand for silver increased in the international markets and prices rose due to some big deals. Along with this, silver also gained momentum due to increase in demand for safe haven. The result was that within a few hours the price of silver jumped by Rs 4,700.
Increased excitement among investors
This sudden boom has attracted the attention of both investors and traders. Investors who had not made purchases during the slack day were now seen repenting after the price rise. At the same time, for those who already had silver, the value of their portfolio has increased sharply.
Golden companionship or separate path?
Interestingly, during this period, there was not as much movement in the prices of gold as was seen in silver. Usually both move together, but this time silver showed more momentum, leaving gold behind. Experts are calling this the effect of both industrial demand and investment demand.
What will be the trend going forward?
Market experts believe that if uncertainty remains in the international markets and the dollar weakens, then silver prices may remain strong further. However, volatility may also be seen due to profit booking at higher levels.
Impact on common buyers
This rise in silver prices will have a direct impact on common customers as well. Silver jewelry, coins, and other products can be expensive. Those shopping during weddings and festival seasons may now have to pay higher prices.
