Silver, both an investment asset and an industrial metal used in electronics and solar panels, has also performed well on the back of gold’s strength and robust physical demand. The metal was trading at $29.20 per ounce on Tuesday, near a more than 11-year peak reached in May.
“The future is bright for silver with respect to its use in the green energy transition. Also, there is further room for gold prices to go higher, and silver prices will follow as well,” said Michael DiRienzo, president and CEO of The Silver Institute.
India’s silver imports in the first four months of the year have already surpassed the total for all of 2023, driven by rising demand from the solar panel industry and investor bets on silver outperforming gold, government and industry officials reported.
The silver market is currently in its fourth year of a structural market deficit due to expectations of higher industrial demand, according to research by Metals Focus for The Silver Institute.
