Silver prices in the international markets have had a buoyant ride in the first quarter of 2021, with a high of $30.03 per ounce and a low of $23.75 per ounce.
On the MCX, silver futures were exchanged at a high of Rs 74,426 per kg and a low of Rs 63,814 per kg.
Stimulus projects by the Biden government to boost the US economy by generating jobs, many more Americans getting vaccinated, raising US treasury yields in the US, a stable dollar, and solid global equities are the driving factors the correction in silver prices so far in 2021.
The US joined 1.6 million jobs in the first quarter of 2021 and the most jobs in seven months in March, delivering it the start of what could be the most substantial economic achievement in almost four decades. On the opposite, the jobs shortage is still massive, and more than four million Americans have been jobless for over six months.
Q1 gross domestic product measures are as high as a yearly rate of 10.0 percent. Growth this year could top 7 percent, which would be the quickest rate since 1984.
The US economy shrank 3.5 percent in 2020, its worst performance in 74 years. Furthermore, the Federal Reserve has indicated it would maintain its ultra-easy monetary policy stance for a while to provide complete healing.
The net longs in silver attained at 21,236 contracts as of March 30, 2021, against 48,680 on December 21, 2020. The correction in
silver prices in the first quarter managed hedge funds to decrease their exposure to the grey metal.
Led by industrial use and physical investment, global silver demand is predicted to rise to a six-year high of 1.025 billion ounces in 2021, as stated by an analysis by The Silver Institute, published on February 10, 2021.
Physical investment, which includes silver bullion coin and bar purchases, is expected to obtain a six-year high of 257 million ounces (Moz) in 2021. Investors proceed to add the metal to their investment holdings.
Previously, in 2021, holdings in exchange-traded products touched a record level of 1.18 billion ounces on February 3. Industrial demand is predicted to post a four-year high of 510 Moz in 2021, a 9 percent jump over 2020 figures. Global silver jewelry demand is projected to rebound to 174 Moz but remains under pre-coronavirus levels.
Cryptocurrencies represent a digital revolution in the realm of finance, allowing transactions without the need… Read More
Quick Look: Snapchat achieved $1.2B in revenue, surpassing the expected $1.1B. Reported $0.03 per share… Read More
Quick Look: Natural gas trends bullish at $2.01; potential resistance up to $2.22, guided by… Read More
Quick Look: New Ray-Ban glasses feature a 12 MP camera, voice commands, and multimodal AI… Read More
Quick Look: NEAR Protocol sees a strong price rally, currently trading at $7.4 after a… Read More
Quick Look: Bitcoin's price dipped to $62,783.63, reflecting ongoing market volatility. Wormhole W Token launched… Read More