Pune News- In the wake of silver prices surging to record highs, the market has witnessed a flurry of activity, with consumers adopting varied approaches to capitalize on the lucrative opportunity presented by the precious metal’s escalating value.
For some individuals, the soaring prices have prompted a strategic move to unlock profits by liquidating silver assets, including glasses, plates, and bars stashed away in their homes. Priyanka S, a Baner resident, shared her experience, stating, “I had a few silver coins and glasses kept at home. I encashed these as silver prices have hit a high.” This sentiment reflects a trend observed among those keen on cashing in on the favorable market conditions.
Prithviraj Kothari, Managing Director of RiddiSiddhi Bullions, highlighted an uptick in selling activity over the past three months, with inquiries pouring in from individuals seeking to offload their silver holdings. He noted that customers were selling small quantities of silver bars, utensils, and coins, anticipating further selling momentum post the conclusion of elections.
The surge in industrial demand for silver has emerged as a significant driver behind the escalating prices. Jateen Trivedi, VP Research Analyst at LKP Securities, attributed the unprecedented surge in silver prices to factors such as a weaker dollar, declining treasury yields, and reports of inflation easing in the US. He emphasized the robust demand for silver in sectors such as electric vehicles (EVs) and photovoltaics, underscoring its bullish trajectory in the market.
Despite the soaring prices, jewellers have reported stable demand for silver, with consumers continuing to make purchases based on their budgetary constraints. Dr. Saurabh Gadgil, Chairman, and Managing Director of PNG Jewellers, affirmed the resilience of the market, stating, “The market for gold and silver remains strong. Customers are purchasing depending on their budget.”
Nitin Khandelwal, former Chairman of GJC, echoed similar sentiments, noting that the demand for silver remained steady as consumers cautiously navigated their purchases in anticipation of further price escalations. Meanwhile, Inder Solanki, owner of Silver & Gold Palace in Camp, highlighted a trend where individuals were purchasing silver for gifting purposes while also capitalizing on the opportunity to sell small silver items lying idle at home.
In essence, the surge in silver prices has spurred a spectrum of reactions in the market, with some opting to cash out, while others seize the opportunity to bolster their silver holdings in anticipation of continued appreciation in value.
