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| Silver prices set to touch Rs 27,000 per kg by December |
| Press Trust of India / Mumbai Aug 09, 2009, 15:54 IST |
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Silver prices are set to touch the Rs 27,000-mark per kilogram in forward market by December, following renewed retail as well as industrial demand, an industry official said.
"The increasing demand in industrial use and retail demand is expected to lift silver prices in the forward market to Rs 27,000 per kg by December 2009 from the current Rs 23,500 per kg," Silver Emporium's Director and a bulk dealer in silver Rahul Mehta said here.
Silver is traded in the Indian commodity exchanges like Multi Commodity Exchange of India (MCX) and National Commodity & Derivatives Exchange (NCDEX).
Silver prices in the ready market are set to touch Rs 25,000 per kg by December from the current Rs 23,100 per kg, Mehta said.
India is the world's second-largest consumer of silver. The retail demand is expected to increase during the forthcoming festival season and is likely to last till February 2010, he said.
Silver is a white colored shiny element that is highly ductile and malleable and is used in making jewelery, coins and tableware. It is also used in chemical experiments as it provides a high electrical and thermal conductivity.
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