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Precious metals refiner MMTC-PAMP plans to start silver recycling at its existing stores on a pilot basis within three months as rising demand threatens to create serious supply-side constraints, the company's top executive said. Managing Director and CEO Samit Guha said the company is entering silver recycling because the economics are now more favourable, while global mine production capacity shows no signs of significant expansion despite growing demand. "If silver demand keeps going the way it is, we could have serious supply-side constraints. Eventually, recycled silver will have to play a bigger role to fill this gap," Guha told PTI in an interview. He called on the government to encourage silver recycling, noting that Indian households hold an estimated 25,000 tonnes of gold and ten times that amount in silver. MMTC-PAMP operates 20 stores for gold recycling that can be adapted to handle silver. The company plans to double its store count over the next five years. "We need
Silver prices extended their record-breaking rally for a sixth straight session on Monday, surging 6 per cent to touch a lifetime high of Rs 2,54,174 per kilogram in futures trade amid strong investor demand and bullish global trends. On the Multi Commodity Exchange (MCX), silver futures for March delivery surged Rs 14,387, or 6 per cent, to hit a new record of Rs 2,54,174 per kilogram. The white metal has been witnessing robust buying interest from traders, tracking firm trends in the international markets. Meanwhile, gold futures hovered near all-time highs in the domestic futures market. On the MCX, the yellow metal for February delivery gained by Rs 357, or 0.26 per cent, to Rs 1,40,230 per 10 grams. It had scaled a fresh peak of Rs 1,40,465 per 10 grams on Friday. In the international markets, gold futures opened on a positive note but later trimmed all its early gains to trade lower at USD 4,536.80 per ounce, down by USD 15.90, or 0.35 per cent, as investors booked profits af