By Diwali, gold could touch Rs 65,000 and silver Rs 90,000

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New Delhi, 16 August 2020 Sunday

Gold and silver prices have seen a big change this week. Earlier, higher buying led to higher gold prices and profitability. Experts are trying to estimate how much gold prices will be in the near future.

Gold futures hit a record high of Rs 56,000 earlier this week. Then on Wednesday it fell to Rs 50,000. It saw a 10 per cent decline.

Silver futures fell 22 per cent to Rs 61,000 after hitting Rs 78,000 earlier in the week.

Since then, the price of both precious metals has declined. On Thursday, gold was trading at around Rs 52,000, while silver was close to Rs 67,000. The question is, what will be the trend in gold and silver in the coming days?

Traders are estimating prices based on the Gold-Silver ratio. This ratio indicates how many ounces of silver are needed to buy one ounce of gold.

Estimates of the prices of both metals may be available, although the ratio may not be as high as it used to be. The estimate suggests that the silver bulls may be down a bit but will have earnings potential.

A well-known expert said that the gold-silver ratio shows that the price of silver is not high. "Gold will continue to rise, silver will also rise but it will remain normal," he said. He said the target price of gold in the short term in dollars is 21 2100 per ounce.

Prices could go up to 23 2350 by December. When silver will reach 30. This could reach 33 33 by December. Gold can reach 65,000 by Diwali while silver can reach 90,000.

Gold is trading at an estimated 30 1930 an ounce in the international market. Silver was at 26 26 an ounce on Thursday. Silver has risen 45 per cent this year against which gold has risen 27 per cent.

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