Gold and Silver Prices Set to Surge Amid Festive Season Boost

Gold and silver prices continue to rise due to strong demand. Experts foresee sustained price hikes driven by consumption, geopolitical tensions, and central bank activities. Gold has increased by 10%, and silver by 24% this financial year, with further rises anticipated during the festive season.

Gold and silver prices are riding an upward wave, propelled by robust demand, and this momentum is set to carry through the festive season. The current financial year has seen gold and silver prices appreciate by approximately 10 and 24 percent, respectively.

Sachin Jain, Regional CEO of World Gold Council in India, attributed the bullish outlook to a customs duty cut in July, which has significantly boosted gold consumption. 'We expect strong performance in the October-December quarter. It's an opportune moment for gold,' Jain told ANI. Ajay Kedia of Kedia Advisory predicts gold futures could rally towards Rs 77,000 soon.

Currently, gold is priced around Rs 75,000 per 10 grams, slightly below its all-time high. Meanwhile, silver is trading at approximately Rs 93,000 per kg. Kedia anticipates silver prices to reach Rs 100,000 per kg, driven by increasing industrial use in sectors like electric vehicles and solar panels.

Manoj Kumar Jain from Prithvi Finmart projects that gold futures could reach Rs 77,000, with silver hitting Rs 96,000 in the near term. He noted that post-Covid gold buying by central banks, geopolitical tensions, and rate cuts are key factors driving this bull market. Colin Shah from Kama Jewelry foresees international gold prices potentially touching USD 3,000 per ounce, driven by anticipated rate cuts and geopolitical uncertainties.

Pranav Mer from JM Financial Services also indicated a positive trend for the bullion market, highlighting safe-haven demand and strategic buying by ETF investors.

(With inputs from agencies.)