MCX Silver Target Today: Silver yesterday settled down by 1.76% at 69649 as the dollar firmed amid likelihood of an increase in interest rates sometime in the foreseeable future.
Prices rallied Monday after a reported revealed U.S. manufacturing cooled in April, boosting demand for safe haven assets. Silver exchange traded funds could continue to outperform their gold counterparts as improving industrial demand helps support the rally.
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According to the Silver Institute, global industrial silver production is expected to grow 8% this year due to strong demand for consumer electronics and solar.
The price for silver is expected to peak at $32 per ounce later this year and its average price to increase 33% over 2020 Silver Institute. Mine production is also forecast to rise by 8% this year as output recovers after last year’s pandemic–related disruptions, which led to a 5.9% decline in global silver supply last year.
MCX Silver Target Today and Trading Tips:
- MCX Silver trading range for today 70100—68700.
- Silver settled lower as the dollar firmed amid likelihood of an increase in interest rates sometime in the foreseeable future.
- MCX Silver exchange traded funds could continue to outperform their gold counterparts as improving industrial demand helps support the rally.
- Global industrial silver production is expected to grow 8% this year due to strong demand for consumer electronics and solar.
Demand pick-up is predicated on a recovery in vehicle manufacturing, strong consumer electronics demand, and further gains from the solar sector.
In 2020, total silver demand for the PV industry totaled 101.0 million ounces and in 2019 it reached 98.7 million ounces. Improving industrial demand for silver should help prices average around $25 an ounce this year.
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