Silver prices cross Rs 2 lakh mark! MCX Silver futures hit all-time high of Rs 2,00,362 per kg; what’s the outlook?
Silver price crosses Rs 2 lakh!
What’s the outlook?
Market experts suggest that silver will achieve higher values, backed by international factors, manufacturing demand and rupee depreciation.Ponmudi R., CEO of Enrich Money told ET, “Silver continues to outperform gold in both global and domestic markets”, noting that the increase was supported by a “strong trend acceleration driven by industrial demand and broader dollar softness.”He elaborated on the technical outlook: “Sustaining this breakout keeps targets of Rs 2,00,000–Rs 2,03,000 active.
Support sits at Rs 1,90,000, with deeper support at Rs 1,86,000, though the larger trend remains decisively upward.”Aligning with the bullish outlook, Rahul Kalantri from Mehta Equities affirmed that “silver hit another record and is edging toward $65/oz,” whilst noting that robust global factors and rupee weakness “will keep domestic bullion prices elevated.”Providing a technical perspective, Manoj Kumar Jain of Prithvi Finmart Commodity Research indicated silver’s trading range between Rs 1,96,600 and Rs 2,04,000 in the immediate future, with Rs 2 lakh serving as a crucial reference point.He recommended waiting for “some corrective dips for initiating fresh long positions in gold and silver and also suggest for strictly avoiding short selling in both precious metals.”Analysts anticipate another upward movement, particularly if price supports remain intact and new purchasing activity develops.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own.
These opinions do not represent the views of The Times of India)
