India Permits Large Silver Imports, Easing Premiums

India, the world's largest silver consumer, has issued permits for approximately 6,500 metric tons of silver imports for the next six months, aiming to address festive season demand. This move follows earlier restrictions and is expected to ease domestic premiums, which had risen due to tight supplies, falling from $2.50 to 45 cents per ounce. Despite weak local demand and efforts to curb precious metal imports to protect foreign exchange reserves, this large allocation surprised the market. Increased imports from India could provide support to global silver prices, potentially influencing precious metal rates in Pakistan.

بحوالہ / Source: www.brecorder.com