Silver is Becoming the New Gold in the 21st Century
Each consecutive day brings a new hike in the gold prices making it unaffordable for a larger group of people. In this situation, silver has come to the rescue of people. Investors are now focusing on investing in silver. Silver has become the most preferred metal for investors in the Coronavirus period. During this period, silver has given more than double returns to investors. Both American and Indian markets have seen a big difference in silver return compared to gold.
If we talk about today, the silver price has crossed the level of 67 thousand rupees per kg. On the other hand, gold price today has crossed the level of Rs 52400 per ten grams. Which is the highest level of the domestic futures market so far? At the same time, if the American market is of Comex, silver has reached about $ 25 per one. While gold is seen very close to $ 2000. The hike in the price of both metals gold and silver has increased in these four months and what kind of returns have been seen.
Silver has seen double returns in the domestic market
– On March 16, the price of silver in the domestic futures market was Rs 33,580 per kg. Today, on July 28, the price of silver has reached a level of Rs 67560 per kg. If a note of the past two days would be taken, then the price of silver has increased more than double. Yesterday, the price of silver opened at Rs 66,047 per kg and it opened at Rs 66,050 per kg.
– At present, the price of silver is trading at Rs 66290 per kg with an increase of Rs 762 at 45 minutes.
Gold saw 36 percent return
– On March 18, the price of gold in the domestic futures market was Rs 38,400. Yesterday, on Tuesday, the price of gold has reached a level of Rs 52435 per kg.
– If both days are considered as a basis, then the returns of gold have been seen in the range of 36 to 40%. If we talk about today, gold was opened at Rs 52186 per ten grams. Currently, gold is trading at Rs 52167 with a gain of Rs 66 in the futures market.
Gold and silver in foreign markets
In the overseas markets, silver was trading around 11 to 12 dollars in March.
– Yesterday, silver was trading at $ 24.63.
– These days, silver prices have seen an increase of more than double.
Talking about the price of gold in March, there were between 1500 and 1600 donors per onus. At present, the price of gold has reached 1968 dollars per unit. During this time, the price of gold has increased up to 40%.
What do the experts have to say?
Anuj Gupta, Deputy Vice President (Commodity & Research), Angel Broking, said that gold has been supported by the weakness in the dollar. The dollar strength in the dollar index against the world’s six major currencies was at 100.43 on May 18, which has slipped to 93.76. The dollar index has been weak for the past seven sessions.
Ajay Kedia, director of Kedia Advisory, said that due to the deepening outbreak of COVID, there is a concern about the growth rate of the global economy and there is an environment of volatility in the stock market, due to which the trend of investors, however, is towards safe investment. The reason is that there is a constant trend in the price of expensive metals. He said that there is an atmosphere of concern in the market due to the huge increase in cases of coronavirus outbreak.