The price of silver stayed the same, with a kilogram of silver costing ₹76,000 across the country.

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There are many things that cause these price changes, but advice from trustworthy jewelers is one of the most important ones. The demand for gold around the world, the value of various currencies, interest rates, and governmental regulations governing the gold trade are all factors that contribute to these changes. The state of the global economy and the relative strength of the US dollar compared to other currencies are two factors that have an impact on gold prices in the Indian market.

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According to commodity market experts, gold and silver act as inflation hedges, with both precious metals rising and falling in tandem. When there is uncertainty, such as Covid-19, Russia-Ukraine war, Israel-Hamas war, and so on, they appear as a safe refuge for investors. However, silver has a higher industrial application, and hence one should consider silver before gold while investing this Diwali, they noted when comparing the two precious metals’ demand-supply restrictions.

Gold vs silver: Which is better?

Anuj Gupta, Head of Commodity & Currency at HDFC Securities, explained why white metal should be considered instead of gold for Diwali 2023, saying, “Both metals work as inflation hedges and are investors’ have in case of any global uncertainty.” However, because silver has a larger industrial application, it is likely to outperform gold in the event of a supply shortage. As a result, long-term investors should invest in silver if they must pick between the two precious metals.”

According to market expert Sugandha Sachdeva, “Silver is poised to outperform gold, with expectations of reaching levels of around 85,000 per kg initially and potentially soaring to far-reaching levels of around 95,000 per kg.” With crucial support at 65,500 per kg, it is vital to note that silver tends to be more volatile than gold, indicating its larger beta.”

Gold, silver return since Diwali 2022

On Diwali 2022, the gold price was 50,580 per 10 gm, whereas the gold rate today is 59,654 per 10 gm on the Multi Commodity Exchange (MCX). This means that gold has returned an 18% return from Diwali 2022. Similarly, on Diwali last year, silver was priced at 57,748 per kg, while it is now priced at 70,025 per kg on the MCX. As a result, this precious white metal has gained 21.25 percent since last Diwali,” said Anuj Gupta of HDFC Securities.

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Muhurat trading time 2023

Muhurat Trading 2023 will take place on November 12th, 2023 (Sunday) from 6:00 PM to 7:15 PM, according to a circular released by the NSE and BSE. This includes a 15-minute pre-market opening session between 6:00 and 6:15 p.m. In the same time slot, trading would take place across several segments such as equity, commodities derivatives, currency derivatives, equity futures & options, and securities lending & borrowing (SLB).

Disclaimer: The opinions and recommendations shown above are those of individual analysts or brokerage firms, not Mint. Before making any financial choice, we recommend that investors consult with competent specialists.

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