Silver prices rose 0.29% to 95,802 on expectations of a Federal Reserve rate cut. Self-regulation plans have been introduced and are working on behalf of China’s solar panel industry, which is reducing demand for silver.
According to the Silver Institute, the global silver deficit will decrease by 4% to 182 million ounces in 2024, based on a 2% increase in supply and a 1% increase in demand. Despite the sharp decline, demand is forecast to rise to 1.21 billion ounces. Jewelry consumption and industrial demand are expected to boost physical investment. Notably, increased demand from the electronics and solar industries is expected to almost quadruple India’s silver imports this year, supporting global prices.
