Silver prices surged to nearly Rs. 90,000 per kg, hitting an all-time high, driven by increased industrial applications and speculation of no immediate reduction in US Federal Reserve policy rates. Within a month, silver prices rose by over 5%, with analysts attributing this surge to growing industrial demand from electric vehicle and photovoltaic solar panel manufacturers. High prices prompted selling of household silver in Mumbai’s Zaveri Bazaar. Importantly, silver imports in FY24 rose by about a third, indicating strong industrial procurement and stable prices.
