saudiarabiawinterolympicgames| Soaring silver prices trigger a wave of silver selling in India, analysts say there is still room for growth

Gelonghui May 17| data showssaudiarabiawinterolympicgamesIndian silver prices have risen by more than 5% in just one month, with an annualized increase of 60%. Prithviraj Kothari, managing director of gold trader RiddiSiddhi Bullions in Mumbai, India, said soaring prices have triggered a wave of household silver selling at Mumbai's Zaveri market. People are selling gold bars, coins and silverware in exchange for cash in the hope of fully capitalizing on this bull market. One reason for the surge in silver prices is that slowing U.S. inflation has led to expectations that the U.S. may cut interest rates in September. In addition, analysts also attributed the surge in silver prices to increasing industrial demand for silver from manufacturers of electric vehicles and photovoltaic solar panels. Market participants believe that silver prices still have great potential to continue to rise. Jateen Trivedi, vice president of research at Indian brokerage LKP Securities, said that demand for silver remains strong, especially in the electric vehicle and photovoltaic industries, as consumption of electric vehicles continues to rise, driving a bullish trend in the silver market.

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