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
AI Market Summary
Record-high gold prices in India are pushing festive-season demand toward silver, with jewellers reporting silver revenue rising to ~25–30% from ~10% two years ago. Industry expects Diwali-period silver purchases to grow ~17–18% YoY, while import liberalisation has already driven August silver imports above $1B (+127% YoY). The shift supports near-term physical demand and reinforces silver's investment bid alongside jewellery consumption.
Impact level
● Medium
Affected assets
NCSKSLV2USD/USDT+0.61%
AI Insight · NCSKSLV2USD/USDTAI Insight
▲ Bullish
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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.
