Silver imports jump 35% in H1 as gold loses lustre
London (July 27) Silver prices may have fallen faster than gold prices in the last one year, but imports of the silver metal rose significantly in the period.
Silver imports in first half of 2015 have jumped 35% to 3,824 tonne.
"With prices continuing to fall, demand from electronic goods manufacturers has helped imports," said Rajiv Popley, director, Popley Group.
Imports of the while metal were at record high of 6,843 tonne in 2014.
Silver imports normally rise in the second half as demand increases for the festive season and for exports before Christmas. As there are lesser facilities for making silver articles, the demand starts from August onwards, much ahead of the festivals.
Popley said that silver demand is expected to remain high in second half of the year as well.
Silver prices have fallen 35% from a year ago while gold prices are down 23% in the international market. A year ago, silver prices were trading around $21 per ounce while gold was around $1,300 per ounce.
Silver prices have fallen more sharply than gold as the white metal also tracks base metals.
Globally, investors of gold have started unwinding their investments in gold exchange traded products. Largest among them, SPDR has seen its holding falling from 1,300 tonne to 690 tonne in last two and half years.