A tremendous rise was seen in the prices of gold and silver in the national capital New Delhi on Tuesday. Silver jumped by Rs 40,500, or 12.3 percent, to reach a new peak of Rs 3,70,000 per kg (including all taxes). The price of gold of 99.9 per cent purity rose by Rs 7,300, or 4.6 per cent, to an all-time high of Rs 1,66,000 per 10 grams (including all taxes). According to PTI, silver prices in the international market on Friday crossed the important level of $ 100 an ounce for the first time, further increasing the attraction of investors towards safe assets. The rising trend in gold prices also continued in the global markets. Gold rose by $ 79.13 or 1.58 percent to $ 5,087.48 per ounce. In the last seven trading sessions, the price of gold has increased by almost nine percent i.e. $ 416.59 from $ 4,670.89 per ounce on January 19. Why is the speed of silver so fast? Industrial use: Silver is not only used in coins, jewelery or utensils. It has many industrial uses. After gold, silver is the best conductor. For both thermal energy and electricity. Where it is being used: In the electronics industry, it is used in making circuit boards, connectors and semiconductors in smartphones, tablets, laptops, computers and TVs. Silver plays an important role in the photovoltaic cells of solar panels. Apart from medicines, it is used in medical devices and batteries. In the auto industry, it is involved in making electronic parts and sensors. Apart from this, silver is also used as a catalyst to speed up chemical equations in the petrochemical industry. Demand is not decreasing: More than half of the production or consumption of silver goes into industrial production, and like gold, it does not even survive, but is consumed in very large quantities. Given the increasing needs of industries like electronics, AI and solar energy, experts predict that the industrial demand for silver is going to increase further.
