Drivers of the rally
A weaker US dollar and lower Treasury yields have enhanced the appeal of precious metals. "This was aided by the US Federal Reserve's interest rate cut of 50 basis points in the September 2024 Federal Open Market Committee (FOMC) meeting, along with expectations of further cuts by yearend," says Chintan Haria, principal-investment strategy, ICICI Prudential Asset Management Company (AMC).
Another factor is geopolitical unrest. "Geopolitical tensions have boosted silver's safe-haven appeal alongside gold," says Riya Singh, research analyst-commodity, Emkay Global Financial Services.
The green technology sector is a key contributor. "The burgeoning demand from the green technology industry, particularly from the solar segment and electric vehicles (EVs), has been a significant driver," says Vikram Dhawan, head of commodities and fund manager, Nippon India Mutual Fund.
Will the rally sustain?
This story is from the October 29, 2024 edition of Business Standard.
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This story is from the October 29, 2024 edition of Business Standard.
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