Gold vs Silver Price: The shine of silver is continuously increasing. Recently it reached historical heights. In December futures trading, it crossed the level of Rs 1,00,000 per kg for the first time on the Multi Commodity Exchange (MCX). While the price of gold is Rs 78,200 per 10 grams. On this, Vedanta Group owner and industrialist Anil Agarwal shared his views on the rising price of silver on social media X (formerly Twitter). He highlighted the rising prices of silver and its use.

Vedanta boss Anil Agarwal said that in India, prices have crossed Rs 1 lakh per kg! Demand has doubled since last year. Demand for silver is driven not only by its traditional uses but also by huge industrial demand. It is now being used extensively in solar panels for renewable energy, EVs, advanced healthcare, electronics, and many other technologies. Agarwal said that the combination of being precious and useful is rare and the demand supply gap is growing. It is the new important mineral of the future.

Silver prices rise

According to a report by DSP Mutual Fund, silver has outperformed other precious metals including gold. Widely used in electronics, solar panels, batteries, and semiconductors, silver plays a key role in modern technology. Rising industrial demand, along with expectations of another rate cut by the Federal Reserve, is pushing up the metal's market value. According to a recent report by Motilal Oswal Financial Services Ltd, silver could match or even outperform gold in the medium to long term, with prices expected to reach Rs 1,25,000 per kg on MCX and $40 per ounce on COMEX within 12-15 months. Silver has surged over 40% year-on-year in 2024, crossing the Rs 1,00,000 mark domestically, driven by safe-haven demand and strong industrial use.

India is one of the largest producers of silver.

Anil Agarwal also highlighted the significant contribution of Hindustan Zinc, a subsidiary of Vedanta, to the global silver market. The company produces silver through a 100% solar-powered refinery, ensuring a sustainable production process. Earlier, producing silver was a challenge, but our engineers and technologists made it possible, he said. Today, we are one of the largest producers of silver globally and we aim to become number one. He stressed that all the silver produced by Hindustan Zinc is sold within India, underlining the company's focus on local markets.

Silver prices

Amid fluctuations in prices, the price of silver in futures trading on Friday fell by Rs 274 to Rs 96,758 per kg. At the Multi Commodity Exchange, the price of silver contract for delivery in December fell by Rs 274 or 0.28 percent to Rs 96,758 per kg. 23,528 lots were traded in it. Globally, the price of silver in New York fell by 0.39 percent to $ 33.55 an ounce.

Gold prices

On Friday, the price of gold in futures trading fell by Rs 127 to Rs 78,200 per 10 grams. On the Multi Commodity Exchange, the price of the contract for delivery in December fell by Rs 127 or 0.16 percent to Rs 78,200 per 10 grams. 14,638 lots were traded in it. Market experts said that the gold futures prices fell due to the weak trend in the global markets. Globally, gold fell by 0.15 percent to $ 2,732.08 per ounce in New York.