Market runs out of silver, price turns red hot

AS gold prices have touched an all-time high in the market and continues to soar, there is an influx of investments in silver, forcing customers to wait up to 10 days to purchase silver bullion.

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This has led to a rise in demand for silver in the market, with a projection that prices would rally further in the coming months.

B Muthuvenkatram, president of Coimbatore Jewellery Manufacturers Association, said, "There is a sudden variation in silver prices in the market recently. The price of silver on September 15 was ₹1.45 lakh per kg, and was ₹1.9 lakh per kg on September 13. On Friday, it rose to ₹2.03 lakh per kg. Customers now purchase silver bullion instead of silver ornaments, resulting in a shortage of silver bars. Due to shortage, after we take orders from customers, we ask them to wait up to four days. However, most suppliers take up to 10 days to deliver orders."