Silver Prices Soar, Boosting Shares of Major Silver-Linked Companies
Silver prices surged in global markets on Tuesday, boosting shares of major silver-linked companies. According to Geojit, silver is likely to continue its uptrend as long as prices stay above $60 an ounce.
Hindustan Zinc led the gains among these companies, rising 1.59% to Rs 598.50. Vedanta and NMDC also traded higher, up 1.21% and 0.66%, respectively. The rally in silver prices was driven by a weaker dollar against the yen, making bullion priced in US currency more competitive for buyers.
Copper extended its gains, reaching an all-time peak of $14,617 a tonne on the London Metal Exchange. This metal has gained around 17% this year due to tight near-term supplies and expectations of growing demand from data centres, renewable energy equipment, and power grids amid constrained mine supply.