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News Bites Massive silver price drop triggers a 'rush to buy' in India
by jen
(india)
(Kitco News) A recent plunge in silver to 11-year lows has awoken strong Indian demand for the precious metal as low prices present a not-to-miss buying opportunity, according to INTL FCStone.
Earlier this week, silver prices tumbled below $12 an ounce with May silver futures last trading at $12.250, down 1.96% on the day.
“Silver has continued to slither lower, hit by the dual adverse effects of lower gold and a debilitating economic outlook,” said INTL FCStone’s head of market analysis for EMEA and Asia regions Rhona O’Connell. “The dramatic fall in silver to eleven-year lows (compare gold, at three-month lows) has launched a rush to buy silver in India, the world’s largest silver consumer.”
The data comes from the firm’s Dubai office, which is watching the physical silver demand in India.https://www.kitco.com/news/2020-03-18/Massive-silver-price-drop-triggers-a-rush-to-buy-in-India-INTL-FCStone.html
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