Silver to cross Rs 1.25 lakhImage credit source: Unsplash
The festive season has arrived in India. The online sale of the festive season has begun, while in a few days the season will officially begin with the start of the Navratri festival. Meanwhile, gold and silver prices are continuously increasing, but in terms of profitability, the profitability of silver has been better than that of gold. In such a situation, many experts believe that the price of silver may exceed Rs 1.25 lakh. But when will this happen?
In India, the buying of gold and silver increases during the festive season, because on the occasion of Dhanteras, there is huge buying of everything from jewelery to jewellery. After the festivals comes the wedding season. That is why the industrial demand for gold and silver increases in the country. In such a situation, people who invest in gold and silver earn a lot in the short term.
Silver gave more returns than gold.
If we add the prices of gold and silver, the figures of the last few days show that the returns of silver have been better. Since the US Federal Reserve reduced its interest rates by 0.5 percent, an increase in gold and silver prices has been observed.
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Since the rate cut by the US Federal Reserve, the price of silver has increased by 5%, while gold has only increased by 3.5% during this period. Therefore, investors are also investing a lot of money in silver.
Another reason for the rise in the price of silver is its industrial use. Silver is used in everything from electronics to batteries and semiconductors. Meanwhile, the Central Bank of China also cut interest rates, thereby increasing industrial demand for silver there. That is why we are seeing an increase in silver prices.
Silver price to cross Rs 1.25 lakh
According to an ET news, the current price of silver in India is Rs 93,000 per kg. This includes GST of 3%. When silver prices cross one lakh rupees, a short-term correction is expected. The reason for this is psychological. However, despite this, its demand may remain.
Prithviraj Kothari, president of the Indian Jewelers and Bullion Association, believes that despite the correction, silver prices may reach Rs 1.25 lakh in the next 6-9 months. Currently the price of silver in the international market is $31.18 per ounce.
