Silver beats gold in Dhanteras first

This Dhanteras, silver sales surpassed gold sales for the first time as gold prices remained high and silver continues to gain popularity as an investment, despite its higher prices compared to previous years.

“Silver sales have shot up 30% to 35% this year despite prices being 40% higher than last Dhanteras,” the Indian Bullion and Jewellers Association’s national secretary Surendra Mehta told the Times of India. “We are collating data for silver because this is the first time we are seeing such a huge demand.”
 
Another contributor to high silver demand is its expected high industrial demand, ET Retail reported. The electric vehicle industry is a notable purchaser of silver for industrial use.
 
“People have now begun to understand that there is a real opportunity in investing in silver,” said Mehta. The 30% to 35% year on year increase in silver demand could see investors allocate between 3% and 5% of their portfolios to silver and purchase the precious metal when it dips in the coming months.
 
This Dhanteras, gold demand was 15% down compared to last year. However, its 30% average price increase, the total value of gold sales was close to Rs 28,000 crore compared to Rs 24,000 crore to Rs 25,000 crore last year. The World Gold Council has predicted that gold demand in India could hit a four year low in 2024.