Ahead of the auspicious Akshaya Tritiya, silver is shining bright among other precious metals in the commodity market and is likely to outperform gold in the longer period, according to domestic brokerage house Motilal Oswal Financial Services Limited. According to recent data, gold and silver have experienced notable year-to-date (YTD) gains of 13 per cent and 11 per cent, respectively, from last cycle of the new year that starts with the Akshaya Tritiya.
According to commodity market analysts, the most surprising factor for 2024 has been the imports of gold and silver. Since the start of the year, imports have been to tune of more than 150 tonnes and 3,000 tonnes respectively.
This jump in imports could be on the back of CEPA deal with UAE under the benefit of one per cent TRQ or the import duty benefit that the market participants get under other bullions articles like granules or findings.
How should you invest in silver?
Motilal Oswal continues to maintain a positive stance for both gold and silver and recommends buying on dips with target towards of ₹75,000 for gold and ₹1,00,000 for silver on domestic front and $2450 for gold and $34 for silver on Comex.
Both gold and silver has registered a positive advance in Q1’24, matching or even surpassing gains in other significant asset classes. In Q1’24 MOFSL has achieved the annual target for gold and met more than 85 per cent of annual target on silver.
more to come
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Published: 08 May 2024, 08:53 PM IST