Silver prices continue to rise steadily in both international and domestic markets. They have been increasing for the past five sessions. This has led to new records being set in silver prices. Due to this continuous price increase, silver has surpassed the US tech giant Nvidia in terms of asset value.
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In the international market on Monday, the price of silver per ounce reached $84. The same trend was seen in India's market as well. On Monday, the price of silver per kilogram in India's market crossed the 2.5 lakh mark. Silver March futures prices on the Multi-Commodity Exchange increased by 5.99 per cent. This brought the price of silver per kilogram to Rs 2 lakh 54 thousand 174. As a result, silver prices have increased by 180 per cent compared to the same day a year ago.
However, after silver prices hit new records, there was some decline from the upper levels. Experts believe this decline is due to profit booking by investors. Nevertheless, due to this record figure, silver has become a more valuable asset than Nvidia. NVIDIA's market capitalisation is $4.63 lakh crore. Silver's asset value stands at $4.65 lakh crore.
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According to experts, silver prices may rise further due to several important factors. Supply shortage compared to demand is one of the main reasons for price increases of any commodity. Rapid growth in industrial use of silver, which is increasing demand. The weakening of the dollar and increased interest in silver as a safe investment due to geopolitical tensions have emerged as key reasons for the price increase. Experts believe that if the Federal Reserve cuts interest rates further next year, it will help maintain the bullish trend in the silver market.
