Silver - July 16, 2020 - Mr. Anuj Gupta, DVP - Commodities and Currencies Research, Angel Broking Ltd

"Today, MCX silver prices have touched the 7 year high levels of 51999 levels. Generally, Silver prices follow the Gold prices. Recently, the gold prices have touched the life high of 49348 levels, and now, Silver is following the Gold trend and heading towards upside. Currently, the ratio between gold and silver is at 92.90, however, at the starting of the year 2020, it was around 83.72 mark. Here, Gold increased sharply but silver did not increase in this pandemic crisis. This is indicating positive signals for the silver prices also.

Globally, industrial demand also increased and ETF demand also supported the Silver. The holding of the biggest Silver ETF, Blackrock's ishare silver trust, has surged by $2.45 billion to $9.72 billion this year. In India, good monsoon is also one of the reasons for the increase in Silver prices. Demand for Silver jewellery from rural areas has also supported Silver prices. We expect Silver prices may test 54000 to 55000 levels soon."

Source : Equity Bulls

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