As Diwali approaches, silver prices are witnessing a sharp increase, along with gold. The price of one kilogram of silver has crossed ₹96,000 in the domestic market, and experts predict it may even surpass ₹1 lakh by the festive season.
This surge presents an excellent opportunity for investors, as silver prices are likely to rise further in the near future.
If you’re considering investing, now could be the right time to profit from silver’s upward trend.
Reasons for the Surge in Silver Prices
The recent rise in silver prices is driven by strong domestic and international demand. In
August 2024, India’s silver imports jumped dramatically, from ₹1,300 crore to ₹11,000 crore, partly due to the weakening US dollar and the record high gold prices. These factors have further bolstered the value of silver.
Additionally, the global supply of silver has been on the decline for the last four years, with demand expected to reach 1.21 billion ounces in 2024.
This demand-supply gap is contributing to the continued rise in silver prices, making it a sought-after investment to hedge against inflation and currency fluctuations.
Silver Could Reach ₹1.20 Lakh per Kilogram
Experts, including those from Motilal Oswal, forecast that silver prices could not only hit ₹1 lakh but may even climb to ₹1.20 lakh per kilogram in the medium to long term.
This makes silver a promising investment option for those looking to profit from the rising market.
Current Silver Prices in Major Indian Cities
Delhi – ₹96,000
Mumbai – ₹96,000
Kolkata – ₹96,000
Bangalore – ₹96,000
Chennai – ₹96,000
(And similar prices in 27 other cities)
With silver prices consistently on the rise, investors can look forward to significant returns this festive season.
