The latest gold and silver prices in India have set record marks that speak of global uncertainties taking their toll. While, till date, gold has reached an all-time high at ₹80,070 per 10 grams, silver has shot up to ₹1,00,040 per kg. Such shocking increases are born out of rising geopolitical tensions and economic insecurities, mainly from West Asia, and the US elections ahead.
With investors running to the safe haven assets, metals move up on account of that demand as seen by the latest gold and silver prices in India. It is this fact, along with the ongoing conflicts and the dovish approach adopted by the Federal Reserve, that has resulted in greater appeal for gold. Silver has risen an incredible 48% this year, with all other industrial metals and commodities remaining behind.
With the festivals approaching, Indians are most likely to focus on the latest gold and silver prices in India. Gold is in demand more during Dhanteras and Diwali purely due to cultural reasons. Sumit Sharma, Founder of Radian Finserv, feels that for Indians, gold carries more than just financial security as it is a conductor of prosperity and tradition. In terms of gold jewelry, though, demand shall not even slightly ebb.
Gold experts say latest gold and silver prices in India will not affect buying powers
Colin Shah, Managing Director at Kama Jewelry, said this by saying that the current gold and silver prices will not let festive buydown as the low interest rates have further supported the rising value of gold, ensuring that the buyers remain keen on the product.
Market forecasts appear to suggest that gold and silver prices in India may continue rising even more. Experts predict that globally, gold will reach $3,000 per ounce, while the going rate in India will likely increase accordingly.
Silver too is predicted to rise even higher to ₹1,03,000 per kg. Experts do caution, though, that profit-booking is expected to hit soon, which might cause short-term corrections. Still, these two metals can be good investments for stable gains during unstable times.
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