Mumbai, 03 Jan (Commoditiescontrol):Industrial silver demand is set to grow 7% in 2024, exceeding 700 million ounces for the first time, driven by green economy applications like solar panels and automotive advancements requiring sophisticated components. Jewelry and silverware demand is also projected to rise by 5%, led by India, with U.S. consumption showing steady growth.
Despite a 1% increase in global mine production to 837 million ounces, 2024 will mark the fourth consecutive year of a physical silver deficit, supporting robust pricing. Silver's investment appeal is underpinned by ETF inflows, a reversal after three years of declines, fueled by expectations of Fed rate cuts and dollar weakness. However, physical investment is forecast to drop 15%, primarily in the U.S., reflecting reduced demand for coins and bars amid stable economic conditions.
The 2024 World Silver Survey highlights a 1% rise in total supply and a parallel 1% increase in total demand, maintaining tight market conditions.
(By Commoditiescontrol Bureau; +91-9820130172)
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