Diwali 2023 Muhurat trading: In India, new investments on Diwali are considered auspicious as such investments are believed to bring prosperity and a sound financial position. Although Indian millennials have said investing in various other instruments like property, mutual funds, bonds, etc on Diwali, gold and silver still have a huge lead on these investment options. However, the situation becomes very difficult when one has to choose either gold or silver and choose an investment option.
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According to commodity market experts, gold and silver work as a hedge against inflation but both precious metals rise or fall. They emerge as a haven for investors when there is any uncertainty such as Covid-19, Russia-Ukraine war, Israel-Hamas war, etc. However, silver has a higher industrial use so silver should be considered ahead of gold when investing this Diwali. , they said while comparing the demand-supply constraints of the two precious metals.
Gold vs silver: Which is better?
On why white metal should be looked at instead of gold on Diwali 2023, Anuj Gupta, Head – Commodities & Currencies at HDFC Securities said, “Both metals act as a hedge against inflation and are investors in case of any global uncertainty ., silver has higher industrial use and therefore in case of supply demand constraint, silver is expected to outperform gold. Therefore, it is advisable for long term investors to invest in silver if they have to either precious metal to choose.”
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Expecting higher returns from silver, market expert Sugandha Sachdeva said, “Silver is poised to outperform gold, with levels expected around ₹85,000 per kg initially and the outermost levels could rise to approx ₹95,000 per kg. With key support pegged at ₹65,500 per kg, it is important to note that silver tends to show higher volatility compared to gold, reflecting its higher beta.”
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Gold, money back from Diwali 2022
On Diwali 2022, the price of gold was at ₹50,580 per 10 gm levels though the gold rate today ₹59,654 per 10 gm on Multi Commodity Exchange (MCX). This means that gold has delivered an 18 percent return since Diwali 2022. Similarly, on Diwali last year, the price of silver was at ₹57,748 per kg levels and is the cash rate today ₹70,025 per kg on MCX. Hence, this white precious metal has logged 21.25 percent since last Diwali,” said Anuj Gupta of HDFC Securities.
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Muhurat 2023 trading time
As per the circular issued by NSE and BSE, Muhurat Trading 2023 will be held on 12 November 2023 (Sunday) from 6:00 PM to 7:15 PM. This includes a 15 minute open pre-market session from 6:00 PM to 6:15 PM. Trading would be done across various segments like equity, commodity derivatives, currency derivatives, equity futures & options, and securities lending and borrowing (SLB) simultaneously.
Disclaimer: The above opinions and recommendations are the opinions and recommendations of individual analysts or brokerage firms, and are not the opinions of Mint. We encourage investors to check with certified experts before making any investment decision.
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Updated: 11 November 2023, 08:40 AM IST
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