Silver glitters, imports touch 8-yr high at 167MT – Times of India

Gold & Silver
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Ahmedabad: Silver’s elegance is outshining gold’s radiance with investments in the precious metal going up significantly. Single-month imports of silver stood at an eight-year high at 167 metric tonnes (MT) according to data by Ahmedabad Air Cargo Complex.
According to bullion traders, with the price of silver remaining stable around Rs 60,000 per kg, people are investing in the precious metal anticipating a surge in prices in the wake of geopolitical and economic uncertainty. Explaining the trend, Haresh Acharya, director, India Bullion and Jewellers’ Association (IBJA), said, “In the international market, silver prices declined steeper than gold prices. This made the precious metal affordable to consumers who chose to invest in silver anticipating higher returns. Despite the ups and downs, gold price on the other hand remained stagnant as a result of which, many investors diverted towards silver. This phenomenon was witnessed over the past two months at least.”
Silver price settled at Rs 60,000 per kg in Ahmedabad market on Monday. Industry players also confirmed that the volatility is high in stock markets as well due to which the inclination of investors is relatively higher towards precious metals. Moreover, industrial demand is also good in addition to retail demand for artefacts, thus driving up imports. According to jewellers, due to the increase in gold price, the preference for lightweight silver jewellery has increased among young consumers. Jay Begani, a jeweller said, “Gold prices have increased sharply, making it less affordable for many. So, demand for silver has gone up. People buy silver ornaments even for daily wear.”
“As compared to last year, the demand for silver has doubled. Earlier, silver was used for making idols but now a certain class of people buy silver utensils in a big way. Besides, silver souvenirs are in demand. Youngsters prefer silver jewellery as it is stylish and easy on budget . This is also contributing to a large chunk of silver jewellery sales,” said Jigar Soni, president, Jewellers’ Association of Ahmedabad (JAA).

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