Toronto, ON -- (SBWIRE) -- 03/23/2012 -- On a global scale, silver prices rose with overall increases in the bullion market on heavy speculative demand caused by an intense rebound in markets worldwide. It has made moderate gains despite of the tension between the United States of America and Iran. In global terms, silver which is .999 fineness, closed up by Rs 1,045 per kg to conclude at Rs 56,575 per kg from Tuesday’s close of Rs 55,530. Silver for March delivery gained 44 cents to $34.19 an ounce.

Silver outlook for this year can be described as cautiously positive. Platinum Account Group can see that silver prices could reach a record of $50 this year or it could even jump up to an estimated $52.

A strong silver market this year is expected to rest on the backs of investors. Many investors may continue to focus on the long term goal, for they have strongly maintained their positions last year and rebuilding of long term investments is expected. Also this 2012, coin and small bar demand was also strong and is expected to remain positive.