Gold-Silver Price / Gold became costlier by Rs 9500 in 49 days, where will the price go at the end of the year

Gold-Silver Price: Gold prices are increasing continuously and it is not stopping. In the last 49 days itself, there has been a significant increase in the price of gold, in which its price has increased from ₹ 76,544 per 10 grams to ₹ 86,020 per 10 grams. During this period, a total increase of ₹ 9,506 per 10 grams was recorded. Gold price on MCX also saw a weekly increase of 1.57%.

Will the trend continue?

According to experts, this uptrend is not going to stop soon. Investors are turning to gold due to global uncertainties like Donald Trump's possible victory in the US presidential election and a possible trade war. Also, inflation and depreciation of rupee are also proving to be helpful in increasing the price of gold.

What will be the price of gold by Dhanteras and Diwali?

According to Anuj Gupta, Head of Commodity and Currency, HDFC Securities, spot gold is moving towards the level of $2900 in the international market, supported by $2845/2826. According to him, gold may touch a record level of Rs 87,000 per 10 grams on MCX by Dhanteras and Diwali this year. As a result, the price of 24 carat gold in the Indian market may reach Rs 90,000 per 10 grams.

Silver also on the path of gold

After gold, now the prices of silver are also seeing a rise. According to estimates by Samco Securities, silver may touch the level of Rs 1,17,000 per kg in the next 12 months. Silver has gained 41% since December 2022, and due to its outperformance over Nifty, it remains a center of attraction for investors. Silver April contract was trading at Rs 96,891 per kg on MCX on Friday, and it may soon cross the Rs 1,00,000 mark.

Reasons for rise in silver prices

• There are several major reasons behind the rise in silver prices:
• Dollar index weakness: The fall in the dollar leads to a rise in silver prices as the demand for precious metals in dollars increases.
• Increase in industrial demand: The demand for silver is constantly increasing due to electric vehicles, solar power panels and other industrial needs.
• Low rise compared to gold: Silver has seen relatively less rise so far compared to gold, due to which investors are showing more interest in it.

Should investors invest in gold and silver?

Given the current global conditions, gold and silver remain attractive options for investors. Given inflation, geopolitical uncertainties and rupee weakness, investors can continue to invest in these metals. Although short-term fluctuations are possible, gold and silver will still remain safe and profitable investments for long-term investors.

Conclusion

Given the ongoing rise in gold and silver prices, it would not be wrong to say that these precious metals may set new records in the coming months. Investors should keep an eye on these metals in view of festivals and global economic conditions.