A new record has been set in silver prices in the international market. Keeping pace with the surge in this metal, the price of a major stock in the country’s metal sector is also climbing. Hindustan Zinc, a Vedanta Group company, witnessed a significant rise in its share price on Thursday. After the market opened, the stock of the country’s largest zinc manufacturing company started at ₹516.50. Shortly after, the stock price jumped nearly 4 percent to touch ₹532.
This is just ₹14 short of the highest level recorded in the last year. This means that if this rising trend continues, it will soon surpass the 52-week high.
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It wasn’t just Thursday. In the last trading session as well, the company’s share price had risen by 4.3 percent. Over the past one month, the stock has gained more than 7 percent. In the last three months, it has risen by 12.77 percent.
Experts say this impressive rally in the stock market is directly linked to the surge in silver prices in the international market. On Thursday, the price of silver per ounce stood at $62.89. This indicates that silver prices are 113 percent higher compared to December 11 last year. There are no signs of silver prices cooling down in the domestic market either.
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On MCX, the price of silver per kg was ₹1,93,452—121 percent higher compared to the same day last year. Silver is used across several industrial sectors apart from jewellery manufacturing. It is also a critical component in solar panel production. The price of this essential metal is now soaring to unprecedented levels.
{News Ei Samay does not provide investment advice anywhere. Investment and trading in the share market or any field involve risk. Proper study and expert advice are recommended beforehand. This news is published for educational and awareness purposes.}
