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After hitting the recent low of Rs 40,190 a kg on June 28, silver prices moved up a staggering 35 per cent till August 24, following firm global trends and a steep decline in the rupee. The metal, which moves in tandem with growth in the economy due to its major use in industrial purposes, shot up by Rs 14,070 between June 28 and August 24, closing at Rs 54,260 a kg in Mumbai's Zaveri Bazaar.
In London, spot silver rose 22.32 per cent in the period under consideration to close at $24.07 an oz on Friday, following positive economic (primary manufacturing index) data from China, the US and the Euro zone. What made silver expensive in India was the 6.67 per cent depreciation in the rupee. On Friday, the rupee closed at 63.35, against 59.39 on June 28.
