Mumbai, 21 Nov (Commoditiescontrol): Citi Research has recently released a bullish forecast for silver, predicting a strong market outlook for the next 6 to 12 months. According to their analysis, published on November 21, silver prices are expected to surge, potentially reaching $28 per ounce. This optimism is based on a favorable market balance anticipated for 2023 and 2024.
The driving force behind this positive projection is the anticipated high demand from key industries. Silver, known for its excellent electrical conductivity, is poised to see increased demand particularly from the electric vehicle (EV) and solar energy sectors. As these industries expand, with a growing focus on renewable energy and electric mobility, the demand for silver is expected to rise significantly.
Citi Research's forecast suggests that silver could be an attractive investment in the medium term. This is due to its wide-ranging industrial applications and its role in advancing green energy technologies. Investors and market participants are likely to closely monitor this trend, as it aligns with the broader shift towards sustainable and renewable energy sources.
(By CommoditiesControl Bureau; +91-9820130172)
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