Silver is all set to outshine gold. The silver rate today has been besting gold’s attempts to be on top throughout the year and is on a warpath to claim the position of ‘ Top Commodity’ against the shining gold.
So why is this occurring in silver?
Well, it’s not something sudden but has been in the making for quite a lot of time.
So without further adieu, let’s discuss what’s driving this growth.
The Dawn of the Silver Age:
The prices of metals such as gold and silver have seen magnificent bullish runs this year which is all thanks to the geopolitical scenarios prevalent within the nation.
Geopolitical uncertainty, war, inflation that seems to not let us down and also the unwavering hope for Fed rate cuts are some of the reasons why silver has been on a growth path.
As per the analysis that’s coming in the silver rate today has outshined gold this year around. In the domestic spot markets, they have gained about 18 per cent year to date. Whereas, when we look at Gold’s price growth, it has also risen to about 16 per cent this year so far.
Silver Rate Today – The Breaking Point:
On a fine Monday, May 20th, Gold prices have risen exponentially in the International market by over half a per cent to record highs.
Whereas, silver rate today jumped over 1 per cent after last week’s US macroeconomic data pushed the metal forward, still hoping for the US Federal Reserve rate cut.
Silver Rate Today: Why is Silver on the rise?
Geopolitical Tension and Macroeconomic Uncertainty:
With war waging on and news of the same running the market, the metal has gone at a consistent pace to the top.
The recent macroeconomic data from the US has also fueled the rise of silver prices in the past few months.
Rising Industrial Demand:
Compared to gold, silver has the advantage of being an industrial metal. The rising demand in industries is boosting silver’s shine. Silver is being used in many industries including solar panels and electric vehicles.
Ornaments and Jewellery:
Unlike gold, silver is something that can be amassed by the “Common man”. Ofern silver has been referred to as “poor man’s gold” due to its accessibility and affordability making it a wonderful choice for lower-income groups.
This year, the silver jewellery demand has been on the high, spurred by record-high gold prices. According to the Silver Institutes report, the global demand for silver jewellery is forecasted to grow by 6 per cent.
Silver Rate Today – A Perspective From Commodity Samachar:
With the recent rise in silver being surprising for people and traders alike, our Head of Research Ankit Kapoor has explained clearly in this video why Silver is on the rise and also what should be your next step moving forward.
“Investors and Traders alike should expect a correction in silver soon…” – Ankit Kapoor, Head of Research
Check out this informative video and get the full scoop on what’s going on in Silver’s path.
Happy Trading!
Commodity Samachar
Learn and Trade with Ease
Also read:Natural Gas Hits Predicted 5% Increase: Are More Gains on the Horizon? Economic Data: Are Fed, BOE, and ECB Speeches Game-Changers?
Recommended read:The Commodity Market — Why is it advantageous to traders?
Want help on your Trade?
Chat with Anlayst