Silver rate today: One kilogram of silver in the country is trading at Rs 1,54,900. Today the price of silver has increased by Rs 1,000. Diwali is coming and before Diwali, the price of gold and silver increases. Till now, the expert believed that the silver price would cross the level of Rs 1.50 lakh by Diwali, but the silver price has crossed this level before Diwali. Now experts believe that silver price will be up to Rs 1.60 lakh per kg till Diwali.
Why silver prices are rising
Market experts believe that the current boom of gold and silver is being seen not only in India but also globally. Dollar weakness, expectations of reduction in interest rates and economic uncertainties like government’s shutdown in the US have made gold and silver a safe haven investment. In September, gold increased by 10% in the international market and 15% silver, which clearly indicates that both are in metal super bull runs. Gold can go up to Rs 1,22,000 by Diwali and Rs 1,25,000 by the end of the year. At the same time, silver can reach from Rs 1,58,000 to Rs 1,60,000. Expert believes that investors should purchase if there is a decline in gold and silver and avoid short selling.
Impact of festival demand in domestic market
Jewelery demand is expected to increase rapidly during Diwali and wedding season. Traditionally, this time is considered the most auspicious to buy gold. Experts say that due to this increasing demand, high prices may become stronger than before.
There is scope in silver
There is also a huge rise in silver prices. The reason for this is not only the interest of investors, but also its increasing consumption in the industrial and green energy sector. Silver demand is continuously increasing due to use in solar energy and electric vehicles.