A moderate increase in demand for smartphones will support silver prices in 2023, expects Heraeus Precious Metals, the world's largest processor and seller of precious metals.
Smartphone shipments in the coming year will grow by 5% compared to 2022 and reach 1.3 billion units. At the same time, sales of 5G capable devices will increase, agenceecofin.com writes.
According to Heraeus Precious Metals, the demand for silver from the photovoltaic industry will increase sharply in 2023, and the demand for silver jewelry, on the contrary, will decrease compared to 2022.
However, the projected increase in silver production will limit the growth potential of prices for the gray metal.
Heraeus Precious Metals also expects that the possible appeal of the US Federal Reserve System to an expansionary monetary policy may become a growth factor for silver, whose prices are expected to fluctuate in the range of $17 to $25 per troy ounce.
Alex Shishlo for Rough&Polished
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