As Samvat 2083 begins, investors are evaluating the outlook for gold, silver, platinum, and copper to determine which metal could deliver the strongest returns. Silver stands out with the most potential due to its steep correction over the past few months. Currently priced at about $53 per ounce, it is roughly 56% below its January peak of $121.67. The gold/silver ratio has widened from about 50 in January to around 77, indicating that silver has already absorbed much of the negative sentiment.
However, silver's volatility poses a significant risk. Gaurav Garg, Head of Research at Lemonn, noted that silver fell 20% in a single session in January. A potential December Fed rate hike, which markets currently price at roughly two-in-three odds, could push silver prices lower before a recovery. Garg advises sizing investments carefully to withstand sharp price swings.
Platinum has the weakest outlook among the four metals, with its prices likely to move on headlines, according to Garg. Meanwhile, copper is supported by structural demand growth and constrained supply, though it appears overheated, trading only 7% below its September record high levels.
For investors seeking resilience, gold remains a strong choice. Central banks bought 321 tonnes of gold in Q3, up 42% year on year, and global gold ETF holdings are at a record 4,256 tonnes. Gold is about 26% below its peak, and speculative positioning is moderate rather than crowded. As of Monday, November 9, gold futures were up 0.98% at ₹1,43,956 per 10 grams, silver futures rose 1.19% to ₹1,87,308 per kilogram, and copper futures increased 0.74% to ₹1,349.20 per kilogram.