Silver Shines Brighter: Kashmiri investors turn to white metal as gold prices soar
Srinagar, July 20: With gold prices soaring to historic highs, an increasing number of people in Kashmir are turning to silver as a more affordable and accessible investment option.
Once seen largely as ornamental or secondary to gold, silver is now gaining traction as a serious avenue for savings and long-term wealth preservation in the region.
According to traders, silver prices have surged by over Rs 5,000 per kilogram in the past week alone, reaching around Rs 1,12,700 per kg—just shy of its all-time high. While gold continues to inch closer to the Rs 1 lakh mark for 10 grams of 24-carat purity, many buyers—especially from the middle-income group—are finding it difficult to afford the yellow metal.
“In Kashmir, gold was always the preferred investment, especially during weddings or as family savings. But with prices becoming unrealistic, silver is now seen as the next best option,” said Nazir Ahmad, a gold dealer in Srinagar’s Zaina Kadal area.
He noted a steady rise in silver sales over the past six months, with the shift becoming more pronounced in the last few weeks.
Dealers across Kashmir have begun offering customised investment options in silver—ranging from small coins and bars to monthly savings schemes designed to encourage regular purchases. These offerings are targeted especially at those who want to protect their savings from inflation but can no longer afford gold.
“Silver is still undervalued compared to gold, and it’s easier for us to buy in small quantities,” said Adil Farooq, a 33-year-old private school teacher from Anantnag who recently began investing in silver items. “With the way global prices are moving, I feel silver will give decent returns in the coming years. I can’t afford gold anymore, but silver still fits my budget.”
Industry insiders believe that the rising demand is not only driven by affordability but also by silver’s increasing relevance in industrial sectors like solar energy, electronics, and electric vehicles—factors that could support long-term price growth.
“Global demand for silver is being driven by industrial and investment use alike, which makes it a smart pick right now,” said another dealer in Lal Chowk.
As global economic uncertainty, inflation, and geopolitical tensions continue to push investors toward safe-haven assets, silver is emerging as a practical and promising choice for Kashmiris, bridging the gap left behind by the increasingly elusive gold.
