Data that was recently released by Ahmedabad Air Cargo Complex shows that imports of silver in February in India hit a new high, as imports rose to 153 metric tons in Gujarat. The last time the metal recorded import levels this significant was in 2014.
While the overall price of silver remained stable, the metal’s price did rise to Rs 69,000/kg ($896/kg) in the Ahmedabad market toward the end of February. Earlier last week, silver was going for Rs 67,000/kg ($870/kg) in the Ahmedabad market.
In an interview, Haresh Acharya, the director of India Bullion and Jewelers’ Association, stated that investor focus had shifted to silver as gold became more volatile in the current market and its price started to increase. Acharya added that the demand for silver jewelry had risen, which had in turn pushed up the overall demand of silver.
Designer and casual wear has recovered with the demand for silver jewelry, with president of the Jewelers’ Association of Ahmedabad Jigar Soni noting that customers had begun asking for newer jewelry designs made in pure silver; these pieces aren’t expensive but are still trendy. Soni added that apart from standard artifacts, luxury items made of silver, such as utensils, watches and trendy jewelry, were also high in demand.
The price of silver during most of last month hovered at about Rs 63,000/kg ($818.5/kg). This prompted some players in the electronic industry, stockists, jewelers and investors to produce the metal in large quantities.
At the start of the year, silver was going for Rs 64,300 per kg ($835/kg), which is its lowest January rate, and Rs 69,300 ($900/kg), which is its highest January rate. However, by the end of February, the metal was going for Rs 70,100 ($910.74/kg).
The month of February marks the third consecutive month that this particular metal recorded good imports, with data from the Ahmedabad Air Cargo Complex showing that even imports for gold grew considerably last month, increasing by 35% to reach almost 5.1 metric tons. Last year, gold imports for the month of February sat at 3.75 metric tons.
However, jewelers suggest that the demand for gold, especially among consumers who purchase gold jewelry for weddings, has diminished mainly because of the arrival of the Holashtak period, which is said to be unfavorable for the yellow metal. The price of this precious metal earlier last week in the Ahmedabad market stood at Rs 53,000/oz ($688/oz).
As the demand for silver grows around the world, precious metals companies such as StraightUp Resources Inc. (CSE: ST) (OTCQB: STUPF) are likely to see a sharp rise in the demand for their products, especially as the Russia-Ukraine conflict rages on and sends investors scrambling for safe haven investments.
NOTE TO INVESTORS: The latest news and updates relating to StraightUp Resources Inc. (CSE: ST) (OTCQB: STUPF) are available in the company’s newsroom at https://ibn.fm/STUPF
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