Silver prices in India closed at ₹90,810, reflecting a 0.44% decline due to the strengthening U.S. dollar.
This trend significantly impacts silver price trends in India, influenced by optimism around the U.S. economy and geopolitical tensions.
President-elect Donald Trump’s threat of 100% tariffs on BRICS nations attempting to create a new reserve currency further supported the dollar, affecting global silver market forecasts for 2024.
Global Signals:
- Chinese manufacturing showed continued growth in November, boosted by Beijing’s stimulus measures, indicating potential demand from the world’s top metal consumer.
- In contrast, Eurozone manufacturing PMI fell to 45.2, the lowest since August 2020, signaling contraction and employment concerns.
Market Outlook for 2024:
According to the Silver Institute, the global silver deficit is projected to reduce by 4% to 182 million ounces. Industrial demand is set to reach record highs, while jewelry consumption is recovering.
However, physical investment might drop by 16%. Supply-side growth is expect from increase mine production (up 1%) in Mexico, Chile, and the U.S., along with a 5% rise in recycling.
India’s Silver Demand:
Silver imports in India are expect to double in 2024 due to rising demand from solar panel manufacturers and electronics sectors.
Imports reached 4,554 tons in the first half of 2024, driven by inventory rebuilding after 2023.
Technical Analysis:
- Support levels: ₹89,975; breach could lead to ₹89,145.
- Resistance levels: ₹91,510, with potential to reach ₹92,215.
Market sentiment depends heavily on U.S. dollar movements and industrial demand trends.
For the most reliable updates on Silver prices in India, make sure to visit Shree Metal Prices daily for current market trends and future forecasts.