There was a tremendous increase in the prices of silver from India to America. Where gold prices on foreign soil have crossed $60 per ounce. On the other hand, in India too, silver prices have reached new record levels. Apart from this, the countdown of silver price to Rs 2 lakh has also started. The special thing is that the rise in the price of silver has been much higher than that of gold. If we talk only about the month of December, then till December 9, an increase of 7.50 percent has been seen in the price of silver, while an increase of 0.50 percent has not been seen in the price of gold.
Now the biggest question is why the price of silver has increased? Actually two big factors are working behind this? First is the possible rate cut in the Fed policy meeting and the second important reason is the reduction in production. If experts are to be believed, there may be a further increase in the prices of silver in the coming days. Let us also tell you what kind of data is being seen in the futures market of the country.
Tremendous increase in the price of silver
There has been a huge increase in the prices of silver in the Multi Commodity Exchange i.e. the futures market of the country. According to MCX data, on Tuesday the price of silver saw an increase of Rs 6,322 and the price became Rs 1,88,064 per kg. However, silver prices also reached a record Rs 1,88,665 per kg during the trading session. Experts believe that the way silver prices are rising. In the coming days, prices may even reach Rs 2 lakh.
On the other hand, an increase in the price of gold has also been seen. According to MCX data, the price of gold saw an increase of Rs 145 and reached Rs 1,30,107 per ten grams. However, gold is still trading at Rs 4000 less than its peak.
Silver faster than gold in December
On the other hand, in the month of December, silver was seen faster than gold. According to exchange data, the price of silver was seen at Rs 1,74,981 on the last trading day of last month. Since then, an increase of Rs 13,083 i.e. 7.48 percent has been seen in the price of silver. On the other hand, if we talk about gold, on November 28, gold was at Rs 1,29,504 on MCS, in which till now an increase of Rs 603 i.e. 0.46 percent has been seen. This means that in the month of December, silver has earned investors more money than gold.
Condition of silver in foreign markets
If we talk about foreign affairs, there is a silver lining there too. In the futures market of New York, an increase of 1.27 percent is being seen in the price of silver and the price has come to $ 61.61 per ounce. Whereas the price of silver spot is trading at $ 60.93 per ons with an increase of 0.43 percent. Not only in New York, but in Europe, silver prices are trading at 52.4106 Euros with an increase of 0.30 percent and in Britain, they are trading at 45.8381 pounds with an increase of 0.47 percent.
Bright start on Tuesday too
A rise in silver prices was also seen on Tuesday. According to MCX data, silver prices have seen an increase of Rs 2,734 and the price has reached Rs 1,90,798, which is the new life time high of silver. However, the price of silver opened at Rs 1,88,959. However, at 9.10 am, the price of silver is trading at Rs 1,90,709 with an increase of Rs 2,645.
On the other hand, the price of gold is also increasing. Gold prices rose by Rs 395 during the trading session to reach Rs 1,30,502. However, gold had opened at Rs 1,30,339. Whereas at 9.15 am the price of silver is trading at Rs 1,30,265 with an increase of Rs 158.
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