Gold and Silver Prices Soar in India: Experts Predict Further Increases
Gold and silver prices in India are on the rise, driven by strong demand and favorable market conditions. This trend is expected to continue through the festive season.
Current Price Trends
In the current financial year, gold prices have increased by nearly 10%, while silver prices have surged by 24%. Gold is currently priced around Rs 75,000 per 10 grams, just below its all-time high of Rs 75,400. Silver is priced at approximately Rs 93,000 per kg, up from Rs 75,000 at the start of the year.
Expert Predictions
Sachin Jain, Regional CEO of the World Gold Council in India, believes that the customs duty cut in July will boost gold consumption, making the October-December quarter particularly strong for gold prices.
Ajay Kedia, head of Kedia Advisory, predicts that gold prices could rally towards Rs 77,000 per 10 grams in the near term. He also expects silver prices to reach Rs 100,000 per kg, driven by increased industrial use in electric vehicles and solar panels.
Manoj Kumar Jain from Prithvi Finmart and Colin Shah from Kama Jewelry also foresee significant price increases for both gold and silver, citing factors like post-Covid central bank buying, geopolitical tensions, and rate cuts by various central banks.
Global Factors
Internationally, gold prices have risen by about 40% this year, far exceeding the usual average of 10%. Colin Shah expects international gold prices to test USD 3,000 per ounce, while domestic prices could cross Rs 78,000 in the medium to long term.
Pranav Mer from JM Financial Services Ltd. also supports this positive outlook, noting that safe-haven demand and ETF buying will continue to support bullion prices.
Doubts Revealed
Gold and Silver Prices -: Gold and silver are valuable metals. Their prices mean how much money you need to buy them.
Experts -: Experts are people who know a lot about a subject. In this case, they know a lot about gold and silver prices.
Sachin Jain -: Sachin Jain is a person who works for the World Gold Council. He knows a lot about gold.
World Gold Council -: The World Gold Council is a group that helps people understand and use gold better.
Ajay Kedia -: Ajay Kedia is a person who works for Kedia Advisory. He knows a lot about gold and silver prices.
Kedia Advisory -: Kedia Advisory is a company that gives advice about money and investments.
Customs duty cuts -: Customs duty is a tax on things brought into a country. Cuts mean the tax is reduced.
Geopolitical tensions -: Geopolitical tensions are problems between countries. These problems can affect prices of things like gold and silver.
Industrial use of silver -: Silver is used in factories to make things like electronics. More use means higher prices.
Festive season -: Festive season is a time when people celebrate festivals like Diwali. They often buy gold and silver during this time.
Global economic conditions -: Global economic conditions are how well the world’s money and businesses are doing. This can affect prices of things like gold and silver.