Silver price gives competition to gold rally as industries fuel demand

At least 2,000 tonne of silver was imported in the April-June quarter, compared to 10 tonne of gold.

Silver is fast catching up with the rally in the gold during this calendar year and, in fact, has outperformed the yellow metal since the start of this financial year. 

In the Indian spot market, silver has turned most expensive since September 2013. On the MCX, September futures of silver is trading above Rs 53,000 a kg. In Mumbai’s Zaveri Bazar, the metal on Wednesday closed at Rs 52,195 a kg (Rs 840 costlier than Tuesday) — the highest in seven years. The all-time high price of silver is Rs 75,000 a kg, recorded in April 2011.

With 3 per cent goods