Global demand for silver is expected to decline by 10 percent this year, with India being the main factor behind the decline.
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In this regard, the industry sector has further informed that: In the current year 2023, the global demand for silver is predicted to decrease by 10 percent. At the same time, global gold jewelery demand is expected to be slightly higher.
For India, the demand for silver products is estimated to decrease by up to 12 percent. Investments in silver are down 21 percent, the lowest in three years, according to my projections.
Studies suggest that the decline was due to higher local prices in India, as new investors stopped buying silver.
The average price of silver was higher this year than last year. The base price has also increased significantly compared to last year.
Due to high prices, investments in other assets like stocks, currencies and gold, investments in silver decreased.
By 2024, the price of silver is expected to increase by 10 to 15 percent. However, compared to gold, it is less. At the same time the demand for gold will increase by 20 percent. Expected to be likely.