With anticipated values of Rs 1,25,000/kg on MCX and USD 40/ounce on COMEX within 12 to 15 months, silver may perform on par with or better than gold in the medium to long run. Price increases for gold are also anticipated. These developments are largely influenced by geopolitical concerns, rate reduction, and market uncertainties. Demand can be impacted if Diwali falls during these occasions.
It did point out that although recent worries about price increases may reduce demand generally and cause a minor decline in domestic demand, prices may still find support in the midst of these significant events.
According to Motilal Oswal Financial Services Ltd (MOFSL), silver prices are predicted to reach USD 40 per ounce on the COMEX and Rs 1,25,000 per kilogram on the Multi Commodity Exchange (MCX) in the next 12 to 15 months, meaning that silver’s performance could either equal or surpass that of gold in the medium to long term.
The financial services company in delhi also predicted that, in the medium and long terms, the price of gold will reach Rs 81,000 per 10 kilos and Rs 86,000. It further stated that gold is anticipated to reach USD 3,000 in the long run and USD 2,830 in the medium term on the COMEX. The firm claims that historically, the demand for gold tends to spike around the holiday season.
Acc to the best the financial services company a near connaught place, new delhi. This year, Diwali falls concurrently with the 2024 Federal Reserve policy meeting and the U.S. presidential election, which will boost market mood.