However, news from Axios that Israeli Prime Minister Netanyahu may continue diplomatic efforts in the Middle East appears to have dampened demand, temporarily impacting silver’s momentum.
Diwali festivities boost retail demand for silver in India
In India, Diwali’s Dhanteras holiday on October 29 saw a surge in silver buying, especially in Mumbai’s famous Zaveri Bazaar. The holiday is traditionally marked by the purchase of metals, and this year silver was in high demand.
Vikas Singh, MD and CEO, MMTC-PAMP, noted that demand for both gold and silver has increased by 35% compared to last year, supported by festive buying and the upcoming wedding season.
The global price of silver rose to $34.50, reflecting this retail demand, reaching a nearly twelve-year high.
US elections and economic data keep the silver market volatile
The US presidential race has increased silver’s appeal as a safe asset, with Vice President Kamala Harris and Republican candidate Donald Trump separated by just one percentage point in recent polls.
A Reuters poll shows Harris with 44% support to Trump’s 43%, highlighting the tight nature of the race and making investors cautious. Election uncertainty has kept the focus on precious metals, with silver prices benefiting from increased market turmoil.