The prices of gold and silver continue to surge, reaching unprecedented levels. In a remarkable turn of events, silver has broken records in several Indian cities, surpassing the Rs 1 lakh mark. This analysis focuses on the spot market prices, as trading is on hold today at the Multi Commodity Exchange (MCX), preventing updates in the futures market.
Chennai Leads with Silver Prices Hitting Rs 1 Lakh
In Chennai, silver has reached a historic high of Rs 1,01,000 per kilogram. This record-breaking price underscores a significant rise compared to other markets where silver is trading just shy of the Rs 1 lakh threshold at Rs 99,990 per kilogram.
Indian Cities Witness Silver Prices Cross Rs 1 Lakh
Several cities across India have seen silver prices skyrocket beyond Rs 1 lakh per kilogram, highlighting a nationwide trend:
- Hyderabad: Rs 1,01,000 per kg
- Kerala: Rs 1,01,000 per kg
- Coimbatore: Rs 1,01,000 per kg
- Madurai: Rs 1,01,000 per kg
- Vijayawada: Rs 1,01,000 per kg
- Bhubaneswar: Rs 1,01,000 per kg
- Visakhapatnam: Rs 1,01,000 per kg
- Cuttack: Rs 1,01,000 per kg
- Tirupati: Rs 1,01,000 per kg
- Salem: Rs 1,01,000 per kg
- Guntur: Rs 1,01,000 per kg
Global Market Trends: Silver Shines Bright
On the international stage, silver prices are also experiencing significant growth. The current price of silver on the COMEX has surged by over 3.18%, reaching $32.138 per ounce. This upward trend is driven by positive market sentiment and increased demand, positioning silver as a favorable investment.
Motilal Oswal’s Accurate Silver Price Prediction
Motilal Oswal Financial Services (MOSFL) had forecasted this rise in silver prices well in advance. Prior to Akshaya Tritiya on May 10, MOSFL predicted that silver would soon hit the Rs 1 lakh mark. They advised investors to adopt a buying stance in both gold and silver, projecting a potential rise in silver prices to $34 per ounce on the COMEX.
Consistent Returns from Silver Investments
Silver has proven to be a lucrative investment over the years, delivering substantial returns consistently. The festival of Akshaya Tritiya, known for significant purchases of gold and silver, further boosts these metals’ prices. From the beginning of this year until Akshaya Tritiya, silver has yielded an impressive 11% return, reaffirming its status as a valuable asset.