Silver price:-Should you be investing in precious white metal this festive season: Check outlook

Amid the escalating geo-political rift between Israel and Iran, silver has been gaining group as it gains appeal as a safe haven. Silver in the spot market globally traded at $32.15 per ounce, up 0.4 per cent. 

On the MCX, silver futures (December) were up 0.21 oer cent or Rs 193 at Rs 93,171 per kg, while in the spot market in Ahmedabad it quoted at Rs 90,576 per kg in the evening.

In dollar terms, silver price has soared substantially with 52-week low and 52-week high at $20.8 and $32.73, respectively. 

Ajay Kedia, Director, Kedia Advisory sees the glistening white metal to hit past $70 amid a gamut of factors including a supply-side deficit, surging demand from industries such as electric vehicles and photovoltaics. 

Talking about the change in the silver's use case, Kedia said that the metal is now finding prominent use in sectors including green energy, solar panel, 5G and renewable energy.

Also, the momentum remains strong give a couple of other reasons including declining global inventories, challenges per se mining and currency fluctuations.

Meanwhile, Manoj Jain, Director -Prithvi Finmart believes silver is in a long-term structural bull run and has recently given a 11-year price breakout in the international markets. Robust Industrial demand,  Chinese stimulus, Fed rate cuts and weakness in the dollar index continue to support silver prices, he noted.