Mysore/Mysuru: The cost of Silver has touched an all time high of Rs. 1.49 lakh per kilogram in city. The rise in the cost is attributed to high and growing demand for silver, its affordability compared to the precious yellow metal gold, industrial and investment demand etc.
Speaking to Star of Mysore this morning, Harsha Nandana Tholasi of city’s Tholasi Jewels said that Silver prices are increasing due to a combination of factors, including robust industrial demand from green energy (solar panels, EVs) and electronics, tight supply caused by a structural deficit, strong investor demand for its safe-haven properties amid geopolitical and economic uncertainty and the weakening of the US dollar, which makes silver a more attractive investment.
He also said that sale of silver jewellery has increased because of its affordability.
Navarathan M. Darla of city’s Jewel Mandir and World of Silver, who too spoke to Star of Mysore said that the increase in the price of Silver can also be attributed due to restrictions in importing Silver from Association of Southeast Asian Nations (ASEAN) countries. The increase in the price of Silver is also because of its medicinal values due to its broad-spectrum antimicrobial properties, which have been used for thousands of years to prevent and treat infections.
Darla said that Silver is vital in various industries due to its superior electrical conductivity and reflectivity with key applications in electronics (for circuits and contacts), solar panels (as a conductor), medicine (for bandages and instruments) and catalysis for chemical production. It is also used for specialised mirrors, soldering and in the production of various alloys and in the food industry for edible silver leaf. He said that by looking at the trend now, it is the right time to invest in Silver.
