Silver prices up 18% year to date, can jump to ₹92k mark in 3 months; should you prefer silver to gold for investments?

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₹86,000 a kg mark. On the other hand, spot gold prices have risen about 16 per cent this year so far, trading near ₹73,000 per 10 gram mark. Indian stock market benchmark Nifty 50 is just 3.5 per cent up for the year.

On Monday, May 20, gold prices in international markets rose over half a per cent to record highs, while silver prices jumped over a per cent after last week's US macroeconomic data fuelled hopes that the US Federal Reserve could cut interest rates twice this year. Trading on MCX is closed for the morning session on May 220 due to the Lok Sabha election. Also Read: NSE, BSE shut today on account of Lok Sabha Elections Gold and silver prices largely move in tandem, and they tend to rise amid macroeconomic uncertainty, geopolitical tensions, higher inflation and rate cuts.

Also Read: Silver price up 16% in just 2 months; is the metal ready for a strong rally? However, silver has the additional advantage of being an industrial metal. Rising industrial demand is another factor boosting silver demand. Silver is used in many industries, including solar panels and electric vehicles.

According to experts, about 50 per cent of the silver produced globally is used in industrial sectors. "Silver's unique appeal lies in its dual role as a precious and industrial metal. The global demand for silver is expected to reach 1.2 billion ounces in 2024, potentially marking the second-highest level ever recorded," said Vandana Bharti, the head of commodity research at SMC Global Securities.