New Delhi [India], June 25 (ANI): Silver prices are expected to go up, due to a combination of factors including rising demand and declining supply, a recent report by ICICI ETF indicated.The report further adds that the silver market is projected to experience a deficit of 3,339 tonnes by the end of 2025. According to the report, this anticipated deficit marks the fourth consecutive year that the silver market will face such a situation, which would ultimately drive silver prices upward.However, there's a positive trend within these deficits, the projected deficit for 2025 shows a significant decline from previous years. The deficit stood at 7,076 tonnes in 2022 and is expected to fall to 3,339 tonnes by the end of 2025.Rising silver demand was mainly due to higher demand for industrial uses, specifically from the electrical and electronics segment, which witnessed a growth of 49 per cent between 2016 and 2024.Additionally, the field of photovoltaics, i.e., the solar panel industry, has grown significantly, which has also contributed to the demand for silver and is forecasted to grow to 5,548 tonnes by the end of 2025.Furthermore, its antimicrobial properties are vital in medicine for wound care and water purification. Beyond modern tech, silver shines in jewellery, coinage, and decorative items, cherished for its beauty and historical value.The July silver contracts on the Multi Commodity Exchange (MCX) rose by Rs 483 per kg or 0.46 per cent to Rs 105,400 per kg as of 10:16 am IST. Silver futures also hit their all-time high of Rs 1,09,748 per kg on MCX last week.Earlier this month, Silver prices crossed the USD 35 mark per ounce and hit their highest level since March 2012, boosted by a combination of factors such as a weaker US dollar, rising geopolitical tension and robust industrial demand. (ANI)