Silver prices have reached record levels in Delhi.
The glory of silver is being seen intact in the country’s capital Delhi. The special thing is that in two days the price of silver has seen an increase of Rs 14,500 per kg. After which the prices of silver in Delhi have crossed Rs 1.70 lakh. It is expected that before Diwali, silver prices will cross Rs 1.75 lakh. At the same time, speculations are also being made that if the similar rise in silver prices continues, then by Chhath Puja the price of silver may even break the level of Rs 2 lakh.
In the current year, an increase of Rs 81,800 may be seen in the prices of silver. This means that in the current year there has been an increase of about 91 percent in the prices of silver. On the other hand, an increase of more than Rs 2600 is being seen in the price of silver in the futures market of the country. However, the prices are still far below the record high. A day ago, the price of silver in the futures market had crossed Rs 1.53 lakh.
If we talk about gold prices, profit booking has been seen in it. After which the prices have come down from the record high. However, no change was seen in the prices of gold a day ago. Whereas in the future market of the country, an increase of more than Rs 600 is being seen in the prices of gold. Let us also tell you what the prices of gold and silver have become.
Tremendous increase in silver prices
On Friday, the price of silver jumped by Rs 8,500 to reach a new record level of Rs 1,71,500 per kg in the bullion market of the national capital Delhi. According to All India Bullion Association, silver closed at Rs 1,63,000 per kg on Thursday. Silver prices have increased by Rs 17,500 per kg in the last three consecutive trading sessions. The special thing is that in the current week, the price of silver has seen an increase of more than 6 thousand rupees thrice. If experts are to be believed, a rise in silver prices may be seen in the coming days also. In the current week, an increase of Rs 21,500 has been seen in the prices of silver. Whereas in the current year, an increase of Rs 81,800 has been seen in the prices of silver.
Will Chhath prices go up to Rs 2 lakh?
Now the biggest question is whether the price of silver can go up to Rs 2 lakh by Chhath Puja. This means that in the next two to two and a half weeks, we may see an increase of up to Rs 28,500 in silver prices. This means that from the current level, silver will need to rise by about 17 percent to reach Rs 2 lakh. If experts are to be believed, the demand for silver is increasing. It can be expected that the price of silver may reach the level of Rs 2 lakh by Chhath Puja. Chhath Puja will start from 25th October. Which will continue till 28th October. In such a situation, 18 days are left for silver to reach Rs 2 lakh.
Gold became cheaper in Delhi
Meanwhile, gold prices fell from their record high. On Friday, the price of gold of 99.9 per cent purity and 99.5 per cent purity fell by Rs 600 to Rs 1,26,000 and Rs 1,25,400 per 10 grams (including all taxes) respectively. On Thursday, the prices of both categories of gold closed at record levels of Rs 1,26,600 and Rs 1,26,000 per 10 grams. Globally, spot gold rose by USD 16.61 to USD 3,992.80 an ounce, while spot silver rose 1.52 per cent to USD 50.01 an ounce. On Thursday, silver had crossed the level of $ 51 per ounce for the first time in the international market.
What do experts say?
Manav Modi, precious metals research analyst at Motilal Oswal Financial Services, said that silver is in an upward trend. On one hand there is huge demand for silver, on the other hand there is shortage in supply. Analysts said that there has been a signal of soft monetary policy from the Federal Reserve. This has provided support to precious metals. He believes that unless global risk sentiment stabilizes significantly, interest rate cuts by the Federal Reserve, fiscal uncertainty in the US and persistent supply shortages could keep silver bullish in the near term.