(Image source from: acting-man.com)

The prices of metals are fluctuating and due to the coronavirus pandemic, in the month of May, the silver prices outperform gold increasing up to 20 percent.

The white metal is being supported due to the global economy slowing down due to the coronavirus lockdown.

Besides, the silver prices are rising due to factors such as the US-China tensions, weak dollar index, and disturbance in the global economic data.

According to the latest data, it will take a while for the global economy to deal with the pandemic.

Paying heed to income and spending, the US citizens are focused on saving more than spending. As of now, the US goods trade balance is at $69.7 billion, supporting safe-haven buying in precious metals.

In the coming days, the tensions between US and China, and even the recession might support silver prices.

According to Economic Times, this information is estimated by an investor, Manoj Kumar Jain, Director Head – Commodity and Currency Research. However, the financial advisors need to be consulted on this.

This metal might not be strong if it closes below 48,500 per kg. However, there are lesser chances for that to happen. On the other hand, if it manages with 50,220 per kilogram, only then it will be able to extend its gains between 51,100 – 53,000 in a few days.

By Neha Makhija