Silver Prices In India, Oct 31: Should You Buy Silver As Prices Jumped 40.85% From Diwal 2023

Silver prices today in India remained stable after witnessing rally for 2 consecutive days as the country is celebrating Diwali festival. 1kg silver prices in India on October 31, 2024 stood at Rs 100,000 while 100 grams silver prices today are retailing at Rs 10,000. Silver prices witnessed sharp rally in less than 1-year period. The prices on November 12, 2023, the day India celebrated Diwali, stood at Rs 70,998/kg and today the prices have skyrocketed to Rs 1,00,000/kg, indicating a sharp surge of 40.85%.

Should you buy silver today? Saiyam Mehra - Chairman of All India Gem and Jewellery Domestic Council (GJC) said, "buying silver on Diwali transcends mere financial decision-making; it embodies a rich tapestry of tradition and hope. This cherished practice symbolizes prosperity and invites good fortune into our homes. As we celebrate these auspicious occasions, the act of purchasing silver connects us to our cultural heritage, reinforcing bonds with family and friends through the sharing of gifts that carry deep emotional significance. Ultimately, it reflects our aspirations for a bright and prosperous future."

Prices of silver remain highest in Chennai, Kerala, and Hyderabad at Rs 1,09,000. Silver prices in Delhi, Mumbai, and Kolkata are retailing at Rs 1,00,000.

Meanwhile, Dr . Renisha Chainani, Head Research - Augmont - Gold For All As Gold and Silver prices are trading at record high levels, it is advised to buy precious metal as an auspicious small token amount and not huge lumpsum this Dhanteras/Diwali in the form of physical gold/silver coin, a few units of Gold ETF or some token amount in Digital Gold/Digital Silver. One should wait for the Gold and Silver prices to correct and retrace to about $2500(~ Rs 72000) and $31 (~Rs 88500) respectively in November/December and then accumulate precious metals at those levels."

The best way to increase allocation into precious metal is to start the SIP or increase the amount in your Gold and Silver systematic purchases every month. All the factors mentioned for the bullish rally in precious metals will continue ahead supporting the prices to continue their northward journey except the political uncertainty due to elections, added Chainani.

According to Dishi Somani, Founder of DishiS Designer Jewellery, "silver is one of the most versatile and significant choices for Dhanteras since it has been associated with prosperity, beauty, and tenacity for ages. Purchasing silver on Diwali is not only for enhancing one's jewelry collection, but it's also a way to invite prosperity and protection against future uncertainty. Silver will be a choice that spans generations owing to its timeless beauty, substantial traditional value, and investment possibilities. Beyond its visual attractiveness, silver is a reasonably priced asset that offers elegance and security and has the potential to increase in value over time.

Meanwhile, 22k gold prices today jumped by Rs 150 to Rs 74,550/10 grams and 100 grams of 22 carat precious metal prices today rallied by Rs 1500 to Rs 7,45,500 on October 31 as the country is celebrating Diwali. 24k gold prices today zoomed by Rs 170 to Rs 81,330/10 grams and 100 grams of 24 carat yellow metal prices today surged by Rs 1700 to Rs 8,13,300.

Meanwhile, 18k gold prices on Diwali 2024 jumped by Rs 130 to Rs 61,000/10 grams and 100 grams of 18 carat yellow metal prices today rose by Rs 1300 to Rs 6,10,000.