High gold price of Rs 1.5 lakh per 10 grams steers middle-class Indians toward silver, with some betting on Rs 4 lakh per kg
High gold prices are pushing middle-class Indian buyers to shift to silver during the festive season, lifting silver’s revenue share for jewellers to 25-30% from 10% two years ago. The industry expects Diwali-season silver purchases to rise 17-18% year on year, while August import value jumped 127% to over $1 billion. Some investors are also betting that silver prices could double from around Rs 2.3 lakh per kg.