New Delhi, 27 Oct

The performance of silver could either match or outperform gold in the medium to long term, as silver prices is expected to reach Rs 1,25,000 per kilogram on the Multi Commodity Exchange (MCX) and USD 40 per ounce on the COMEX within the next 12 to 15 months, the Motilal Oswal Financial Services Ltd (MOFSL) said.

Silver has shown impressive growth in 2024, recording gains of over 40 per cent year-to-date and surpassing the Rs 100,000 mark domestically, driven by safe-haven demand and robust industrial usage.

The financial services firm further anticipated that the gold prices will reach Rs 81,000 per 10 grams in the medium term and Rs 86,000 in the long term.

On the COMEX, gold is expected to hit USD 2,830 in the medium term and USD 3,000 in the long term, it added.

Gold has consistently been one of the best-performing assets in recent years - barring 2021, as the yellow metal has closed in the green on the domestic front since 2016.

This year, gold prices have surged to record highs on both the COMEX and domestic markets, yielding over 30 per cent growth year-to-date.

However, it noted that the recent concerns over rising prices could dampen overall demand and domestic demand may experience a slight dip, prices could still find support amid these major events.

According to MOFSL analysis of leap years and historical patterns of Gold, since 2011, there have only been two instances (2015 and 2016) where the 30 days leading up to Diwali recorded negative returns.

Aside from 2022, pre-Diwali gains have consistently outpaced post-Diwali gains. -ANI