Silver expected to either equal or outperform gold in the upcoming year, the precious metals market is undergoing a dramatic change.
NEW DELHI: With silver expected to either equal or outperform gold in the upcoming year, the precious metals market is undergoing a dramatic change. Within the next 12 to 15 months, 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), according to a forecast by Motilal Oswal Financial Services Ltd (MOFSL).
In 2024, silver has shown impressive growth, with gains so far topping 40% and recently crossing the Rs 100,000 domestic threshold. Strong industrial usage and rising demand for safe havens in the face of market uncertainty are to blame for this spike. The current state of the world economy makes the metal an especially attractive investment for protection.
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It is also expected that the price of gold will grow; estimates indicate that it may reach Rs 81,000 per 10 grams in the medium term and Rs 86,000 in the long run. In the medium term, gold prices on the COMEX are predicted to rise to USD 2,830, with the possibility of reaching USD 3,000 in the long run.
With the exception of a decline in 2021, gold has historically been one of the best-performing assets, continuously closing in the green on the domestic front since 2016. But for investors wishing to diversify their holdings, silver’s growing appeal offers a strong substitute.
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The demand for these metals is projected to be driven by a number of factors, including ongoing geopolitical tensions, predicted rate reduction from central banks, and market concerns. Notably, demand may be further impacted by the holiday season around Diwali, which often sees a spike in the sale of precious metals.
Silver’s robust upward trajectory is drawing attention as investors consider their alternatives, and many are closely monitoring how the market may change over the next few months. The next several months may be crucial for precious metal investors because both metals are in position for possible rises.
