Silver prices may hit Rs 1 lakh milestone in a year on solar, EV boost
solar panels and electric vehicles driving the demand for silver, the price of the industrial metal is seen surging to Rs 1 lakh a kg in the next one year and up to Rs 92,000 per kg within the next 3 months.
“Silver being an industrial metal, may benefit from upside in base metals and bullish sentiments in emerging market equities. So, we expect silver to trade with a positive bias benefiting from enhanced industrial applications. Hence, an extended slowdown in the Chinese economy is one of the major risks to our outlook. Silver prices may trade in a range of Rs 75,000 – 92,000 in the next 3 months,” said Kaynat Chainwala, Senior Manager of Commodities Research at Kotak Securities.
In the longer term, brokerages like Motilal Oswal see the metal rallying to fresh peaks of Rs 1 lakh.
Over the last 15 days alone, silver prices on the MCX have seen a stellar rally of more than Rs 7,000 per kg.
“Prices now can be seen trading in a rising channel with constant higher top and higher bottom formation and presently hovering around Rs 87,200/kg levels. We expect an upside of Rs 90,000-91,000/kg in the coming weeks where any dip around Rs 85,500/kg would provide an opportunity to add more quantity in the long positions,” said Ashwani Harit, Commodities Analyst, Religare Broking.
Also read: Silver prices hit all-time high of Rs 87,476, jump Rs 6,600 in May so far
Prospects of a soft landing in the US and broader applications in the clean energy sector could mean more upside for silver prices in the coming months compared
