Gold silver price: Leading brokerage firm Motilal Oswal Financial Services says that if the current trend continues, there could be a big jump in the prices of gold and silver. This estimate of Motilal Oswal has come at a time when gold has crossed $4,000 per ounce. At the same time, the price of silver has increased by more than 60% since the beginning of the year. This is one of the fastest rallies of the last few decades.
How much will the price of gold and silver increase?
The gold rate on MCX in India is currently Rs 1,26,650 per 10 grams. At the same time, the spot price of gold in the international market is $ 4,241 per ounce.
Motilal Oswal estimates that gold prices may go up to $4,250-$4,500 an ounce on COMEX. At the same time, its price in India can go up to ₹ 1.28 lakh-₹ 1.35 lakh per 10 grams. If we talk about silver, it can reach $75 per ounce on COMEX and ₹2.30 lakh per kg in India.
Expert opinion on gold and silver
Motilal Oswal analyst Manav Modi says that there may be a slight decline in the short term, but the trend is strong in the long term. He said, ‘There may be a slight decline in the prices of gold and silver. But, gold and silver are supported by central bank purchases, ETF inflows and strong demand from Asia.
This time Asia is increasing the prices
This rally is different from previous bull runs, which were often driven by Western crises. This time Asia has become the center of global bullion demand. China, India, Türkiye and Middle East countries are buying it as safe-haven and reserve.
Between January and September 2025, central banks bought 600 tonnes of gold, while gold ETFs saw inflows of 450 tonnes, the strongest level since 2020. India has imported 300 tonnes of gold and 3,000 tonnes of silver in the same period.
Navneet Damani, Research Head, Commodities and Currencies at Motilal Oswal, says the Central Bank’s strategy is reshaping the bullion market and strengthening long-term demand.
Why is the price of gold and silver increasing?
There has been a strong rise in the prices of gold and silver in 2025. There are some important reasons behind this.
- The dollar index has fallen below 100. Rupee has weakened, due to which the prices of gold and silver have increased in India.
- Possible rate cut by the Federal Reserve in the US and weak employment data have supported gold and silver.
- Political uncertainty in Japan and China’s preparation to play a global role in gold are also supporting prices.
- Investors are withdrawing money from bonds and risky assets and investing in gold and silver, which has further strengthened the rise.
- As always, geopolitical tensions have boosted the demand and prices of gold and silver.
Demand-supply situation of gold-silver
The supply of gold is decreasing as mineral grades are decreasing and production costs are increasing. Additionally, environmental regulations have become stricter. The pace of recycling is also slow.
On the other hand, the demand for silver is continuously increasing in industries like solar, electric vehicle and AI. It is in global supply deficit for the fifth consecutive year. The gold-silver ratio was around 110 at the beginning of the year, it has now come down to 81-82. This shows strength in industrial purchasing.
Market strong before Diwali
Domestic demand in India remains strong despite high prices. Gold prices rose seven times in the last ten Diwali seasons, and pre-festival rises were often higher than post-festival rises.
Cultural sentiment and investor enthusiasm have supported the market. Experts believe that despite high prices, strong demand for gold and silver will remain during the festive season.
Disclaimer: The advice or opinions given on Moneycontrol.com are the personal views of the expert/brokerage firm. The website or management is not responsible for this. Moneycontrol advises users to always seek the advice of a certified expert before taking any investment decision.