Golden opportunity to buy silver? It has become cheaper by Rs 45,000, know what to do now

If you missed buying silver during the festive season and are now regretting it, then perhaps there is a good news for you. There has been a continuous decline in the prices of silver for the last 10 days and today, on Tuesday, October 28, it has become a little cheaper.

The silver which was touching the sky just before the festivals, has now come down to earth. There has been a slight decline of Rs 100 per kg in the price of silver today as compared to yesterday, but if we compare it with the festive season, this decline is huge.

Sharp decline after festivals

You will be surprised to know that before the festival season, the price of 1 kg silver in Chennai had reached Rs 2,06,000, which has now come down to below Rs 1,70,000. At the same time, the price of silver which was being sold up to Rs 1,98,000 per kg in Delhi, is today Rs 1,54,900. i.e. silver prices in Delhi Rs 45,000 There has been a huge decline of more than!

Why is silver becoming cheaper?

Now you must be wondering what happened suddenly that silver became so cheap? According to market experts, there are two big reasons for this:

1. Decrease in demand: People made huge purchases during festivals, but now that demand has reduced, due to which there is pressure on prices.
2. International reasons: When there are talks between big countries like America and China and an atmosphere of peace is created, investors invest less money in gold and silver as a safe investment. This has also affected the prices.

But will this decline last forever?

Some experts believe that this decline will not last long. The biggest reason for this is the rising price of silver. industrial demand,

Earlier silver was used only for making jewellery, coins or utensils. But in today’s high-tech world, silver has become an essential metal. Silver is used in making your mobile phones, computer chips, electronic components and even solar panels. Today, 60 to 70 percent of the total consumption of silver is being used in these industries. Therefore, it is believed that as its industrial demand increases, silver prices may rise again in the coming times.

What is the price of 1 kg silver in your city today?

• Delhi/Mumbai/Kolkata/Jaipur: Rs 1,54,900
• Chennai: Rs 1,69,100
• Hyderabad: Rs 1,69,900
• Bengaluru: Rs 1,56,900

(It is worth noting that even today there is a big difference of about Rs 15,000 between the prices of Delhi and Chennai.)