The surge comes as silver continues to attract investor interest as both an industrial and safe-haven asset.
Hindustan Zinc, which is the world’s third-largest silver producer, has emerged as a key beneficiary of this rally.
On Tuesday, silver July futures on the Multi Commodity Exchange (MCX) hit a new all-time high of Rs 1,07,171 per kg, before settling at Rs 1,07,087 per kg with a 1.54% gain.
The strong uptrend in silver has been supported by a weakening US dollar, firmness in other industrial metals, and increased demand for safe-haven assets amid geopolitical uncertainties.
Silver prices have remained volatile but elevated, with analysts citing a mix of macroeconomic drivers. “We expect gold and silver prices to remain volatile this week amid fluctuations in the dollar index, geopolitical tensions, and ahead of U.S. inflation data. Silver could hold above the $34 per troy ounce level on a weekly closing basis,” said Manoj Kumar Jain of Prithvifinmart Commodity Research.Hindustan Zinc’s strong correlation with global silver prices, given its significant contribution to global silver production, has turned investor attention toward the stock. Also read: Sebi probes Jane Street’s derivative trades over 3 years: Sources
Hindustan Zinc share price history
Over the past one year, the stock of Hindustan Zinc has declined by 19.88%, despite showing a recovery in recent months. On a year-to-date (YTD) basis, it has gained 20.74%, while over the past six months, it is up 7.59%. In the last three months, the stock has risen 25.71%, and in the past one month alone, it has surged 31.44%, reflecting strong short-term momentum.
Around 11:30 am today, the shares of Hindustan Zinc were trading 2.14% higher at Rs 536.40 on the BSE.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
