With a 6.6% surge, the Chandi price/ Silver rate today has gone up to INR 61,130 per kg. There has been a surge of a total of INR 8000 per kg in just three days. For the first time in history, gold prices have also hit INR 50,000 for 10 grams of gold.
There are various ornaments for which silver is used. A lot of products in different businesses are manufactured for which silver is used, such as solar panels.
There is also a concern for the supply of silver because of rising coronavirus cases in Latin America and Mexico. Also, the demand for silver is still high in the Indian market.
Why is the silver rate increasing?
Chandi current rate has increased due to several reasons which includes
- Increase in demand for silver in the Indian market. The total demand for silver has increased by up to 60% since March.
- The export of Indian silver jewelry has also increased to 104%, which is a significant reason for the Chandi rate increase.
Will the Chandi/ Silver price increase more?
It is predicted that the rise in silver price will increase in September if the physical demand for silver continues similarly.