Silver Surge: Silver prices may touch ₹1,00,000 / kg by June, say experts

Silver prices have seen a significant spike recently touching around 95,000 per kg on MCX. In the international market, silver rates were above $31.7 an ounce after hitting an 11 year high. Gold prices have also been rising.

MCX gold prices were around 74,000 rupees per 10 grams. Analysts attribute the rally in precious metal prices to strong fundamentals and geopolitical tensions, predicting that MCX silver rates may reach 1 lakh rupees per kg soon.

A moneycontrol report quoted Ajay Kedia, Director of Kedia Advisory, who said that this crucial level could be hit by end of June.

Bolstered chances of US Fed rate cuts in 2024, increased industrial demand and silver deficit in the global market are factors that will likely support the rise in silver price, he added.

On Wednesday, silver in India was priced at 95,800 rupees per kg, down by 1,200 rupees per kg from Tuesday. This month, silver has risen over 11%, or 9,580 rupees per kg, accounting for nearly 60% of the gains recorded in 2024.