On Tuesday February 21 Bombay Bullion Association has said that in this year the price of Silver may go upto Rs lakh per kg its all because of the present situation in International market.

Prithviraj Kothari who is the President for Bombay Bullion Association has said that, the current price of the Silver is at Rs 57,000 per Kg as the price may go more upper and it may each upto Rs 1 lakh its all due to impact of the global economic crisis.

In the past two years if we observe the prices of silver in India it has been doubled.

He said, This will affect silver imports, which may witness only marginal growth to around 5,000 tonne this year compared to about 4,800 tonne in 2011.

"In 2011, we imported about 4,800 tonne of silver, which was 70 per cent higher than that of 2,800 tonne during 2010. This year the silver imports may be around 5,000 tonne," Kothari said. 

Talking about gold, Kothari said, gold imports are likely to be similar to that of last year. India had imported 966 tonne of gold in 2011, according to the World Gold Council report. 

Gold prices are likely to move in the range of Rs 26,000-35,000 per 10 grams this year due to the current economic crisis, he said, adding internationally gold is likely to be traded in the range of USD 1,600-2,200 an ounce this year. 

Talking about platinum, Kothari, who is also the director of RiddhiSiddhi Bullion, said he expects the prices to rise more than gold. 

In the international market, gold was trading at USD 1,740.88 an ounce and platinum at USD 1,670.50 an ounce as on Febraury 21. 

Infact per annum India imports 10-15 tonnes of platinum that is being used in the auto industry.