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News Topical, Digital Desk : The impact of the US-Iran War is currently being felt most strongly in gold, silver , the stock market, and crude oil. The US-Iran War has caused economic instability worldwide. Investors are worried and are turning to safe investments. Therefore, silver is experiencing a steady rise.
Silver prices rose by nearly 10,000 rupees as soon as the commodity market opened on March 2nd. Then, after a short while, prices eased slightly and rose by approximately 5,000 rupees per kilogram. However, at 1 pm, silver prices suddenly jumped by 14,000 rupees per kilogram.
Silver Price Hike: How much has the price of silver increased?
At 1 p.m., the price of 1 kg of silver increased by more than 14,000 rupees per kg. As of 1 p.m. on March 2nd, the price of 1 kg of silver was ₹2,96,500. If this upward trend continues, the price of silver could soon reach ₹3 lakh.
Previously, silver saw a similar surge in January, when the price of 1 kg of silver crossed Rs 4 lakh per kg.
Silver Price Hike Reason: Not US-Iran war, is this also the reason?
We spoke with commodity expert Ajay Kedia today about gold and silver. He said that silver prices are rising due to the war. Furthermore, the March Futures Com expiry is also causing fluctuations in silver prices. Furthermore, there is a shortage in silver supply, which is also contributing to the increase in prices.
How long will the price increase?
According to Ajay Kedia, founder of Kedia Advisory, investors tend to look for safe options during a war. Therefore, gold and silver will likely rise as long as the war situation persists.
What should you do at this time?
Avoid investing in silver through ETFs or any other means at this time, as silver is currently at its peak. In such a situation, a SIP (Subsidiary Investment Investment Plan) would be the best option. If you haven't already started investing, wait a bit. Investors should wait for the price to fall.
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