New Delhi:If you're uncertain about what to buy this Dhanteras due to the rising prices of gold and silver, we can help to make your decision easier.
ETV Bharat spoke with Anuj Gupta, Head of Currency and Commodities at HDFC Securities, who believes that investing in silver will yield better profits compared to gold.
During the Diwali season, there has been a noticeable trend of purchasing gold and silver. The increase in prices can be attributed to geopolitical tensions, upcoming US elections, and recent interest rate cuts by the US central bank.
Since the Federal Reserve began lowering interest rates, gold prices have consistently risen, with an increase of around $200 in US markets. As a result, gold and silver prices in Indian markets have also surged. While silver reached a new record high of Rs 100,041 per kg, gold has hit a new high of Rs 78,784 per 10 grams today.
According to Anuj Gupta, the price hike for silver is driven by rising demand from the industrial sector. The reduction in interest rates in China has also led to increased industrial activities which is boosting silver usage. The imbalance between demand and supply has further pushed prices upward, a trend that is expected to continue in the near future.
Purchasing Silver on Dhanteras
Buying gold and silver during Diwali is considered auspicious, but experts suggest that purchasing silver may yield better profits in the coming days compared to gold. Anuj said that internationally, while gold prices have reached record highs, silver remains relatively cheaper, currently priced at $34-$35 per ounce compared to its lifetime high of $49.50. This suggests that silver has more potential for growth compared to gold.