Categories: Business

silver may touch 90000 level says industry expert

Photo: MCX

gold and silver at record high

new Delhi. Worldwide measures are being taken to deal with the economic challenges faced by the Corona epidemic, cuts in interest rates by central banks, weakness in the US dollar has increased investor interest in gold and silver, which has led to a steady rise in their prices. happened. Bullion market experts point out that in the festive season, the price of silver in the Indian market can go up to Rs 90,000 per kg, while gold can touch Rs 60,000 per 10 gram level. However, the assessment of the bullion market trading organization on the rise of gold and silver is different.

Ajay Kedia, director of Kedia Advisory, said that because gold has become very expensive, the demand for silver jewelery may increase, while industrial demand also remains, so the price of silver can go up to Rs 90,000 per kg by Diwali. Silver is currently running below Rs 78000 per kg in the domestic market and has become more expensive than Rs 44,000 per kg in the past five months in the Corona era.

He said that all the factors that support the boom of this precious metal are favorable, so gold and silver will remain strong. Kedia predicted the price of gold to go up to Rs 60,000 per kg by Diwali.

Commodity market analyst and Angel Broking deputy vice president Anuj Gupta estimates that gold prices can go up to Rs 59,000-60,000 per 10 grams while silver can go up to Rs 88,000-90,000 per kg. At the same time, Surendra Mehta, National Secretary of the India Bullion Jewelers Association (IBJA) says that the price of silver can go up to $ 37 an ounce in the international market, due to which the silver can soar to Rs 95,000 per kg in the Indian bullion market. However, regarding gold, Mehta estimates that by Diwali, gold in the spot can go up to Rs 59,000 per 10 grams.

On the other hand, President of the Gem and Jewelery Trade Council of India (GJTCI), Shantibhai Patel says that gold can be seen at the level of 60,000 rupees per 10 grams, but the way silver has risen in the past, it will soon decline. The possibility remains. He said that the play of the bookies in silver cannot be ruled out, hence the possibility of touching the level of Rs 90,000 per kg is less.

Patel said that silver is at a record level in the domestic market and during the festive season its price can be in the range of Rs 80,000-85,000 per kg. He said that spot demand will not increase until the price stabilizes once because those who want to buy jewelry are waiting for the price to break.

This post was published on August 7, 2020 5:31 pm

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