Silver Price Hike: The shine of silver may increase further in the coming days. Soon the price of silver may cross Rs 1 lakh and go up to Rs 1.25 lakh per kg. Motilal Oswal Financial Services has made a big prediction in its report regarding the prices of silver. In its report, the brokerage house has advised investors to buy silver in case of falling prices.
Silver will go up to Rs 1.25 lakh!
Motilal Oswal Financial Services has released a quarterly report on silver in which investors have been advised to buy silver on decline. In the report, the brokerage house has revised its old target price regarding silver prices. Motilal Oswal has increased its old target price on silver from Rs 1 lakh to Rs 1,25,000 per kg, while the target on Comex has been given at $ 40 per ounce. In the report, the brokerage house said that this target can be achieved in 12 to 15 months.
Advice to buy silver on decline
According to the research note of the brokerage house, there has been a 30 percent jump in silver prices in recent months, due to which profit booking may be seen at some intervals. However, any decline in silver should be used as a buying opportunity. The brokerage house said that Rs 86,000 – 86,500 is the major support level for silver.
Why will prices rise?
The report said that silver has come out of the tag of slow mover and a sharp jump in prices has been seen this year. Silver is on the verge of victory in the race between gold and silver. Investors are waiting for the Fed’s decision to reduce interest rates. Metals are getting support from weak economic data in America. There is a possibility of 70 percent interest rate cut in the September Fed meeting. So there are shocks also due to global tension. Domestic import of silver has increased and will reach 4000 tonnes in 2024. Flow in ETF is normal but people are buying heavily. The Silver Institute believes that the supply of silver may be less than the demand. And with the rapid economic growth in China, silver prices may increase due to increase in demand for industrial metals.
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