Silver could either match or outperform gold in the medium to long term, and is likely to reach Rs 1,25,000 per kg on MCX and $40 on COMEX in the next 12 to 15 months, a report showed on Saturday.
Neeraj Chopra fell short of retaining his gold medal in the men's javelin throw at the Paris Olympics on Thursday, securing silver with a best throw of 89.45 meters.
AIGJDC Chairman Saiyam Mehra said that this was a long-standing demand from the All India Gems and Jewellery Domestic Council, which represents the entire gems and jewellery industry.
The price of gold went up on MCX on Wednesday with gold for June 5 delivery traded 0.44 per cent higher at Rs 71,652 per 10 grams at around 11:30 a.m.
In the women's Individual compound event, Jyothi Surekha Vennam beat compatriot and the reigning archery world champion, Aditi Gopichand Swami, to progress to the gold medal match
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Traders said silver prices rose on pick-up in offtake by industrial units and coin makers at the local spot market.
Besides the rise in demand from local jewellers, sentiment remained upbeat due to the trade tensions between the US and China ahead of crucial talks between the countries, boosting gold's safe-haven appeal.
Silver also surged Rs 250 to Rs 38,700 per kg on increased off take by industrial units and coin makers.
