Silver could touch fresh all-time highs of $50 per ounce by year-end, while gold is likely to gain another 10%, according to Avinash Gupta, Vice Chairman of the Gem & Jewellery Council (GJC).
He expects silver to climb to at least $45 per ounce globally, and in India, prices could reach ₹1,35,000 per kg by Diwali and ₹1,50,000 per kg by December. Gold, meanwhile, is trading at $3,600 an ounce globally and ₹1,08,000 per 10 grams in India, with central bank buying expected to drive further gains.
Gupta said silver’s fundamentals remain “very, very strong,” underpinned by industrial demand from renewable energy and EVs, alongside jewellery and artefacts in India. Imports have already crossed 2,500 tonnes this year, and the trend is set to continue, he said.
On gold, Gupta noted that retail demand has slowed during the shraddh period, but festival buying has provided some cushion. With reports of Russia’s central bank accumulating gold and other central banks adding reserves, he believes the bullish trend will persist.
Indian jewellers are responding to high prices by offering lighter, lower-carat designs to remain accessible for consumers. While Gupta expects a 10–15% dip in sales volumes this year, he underlined that Indian consumers still see gold as a reliable long-term investment.
Watch accompanying video for entire conversation.