The Silver lining amidst soaring Gold price

TDT | Manama                                                          

The Daily Tribune – www.newsofbahrain.com

Reported by Zahra Ayaz

Silver jewellers in Manama claim that the growing price of yellow metal is driving people to silver, popularly known as poor man's gold.

They told The Daily Tribune that, while sales are currently low, they expect them to rise in the coming days, given the price increases on the gold market.

“People will have to think of silver,” said KK Jewels Sales Manager Rashid, citing the price hikes in the gold market. “I am sure the silver market will do well in the coming days,” he stressed.

Rashid, however, revealed that the sales, for now, cannot be rated highly. “But it is obvious that people are now eyeing silver,” he said, “especially as gifts.” Explaining the reasons, he said that earlier, people could manage at least a small gold pendant for BD20 or BD30.

“But now, they cannot get anything for that money. “Even if they find something, it isn’t worth a gift,” he added. Another factor favouring silver, according to Rashid, is people’s focus on value when buying gifts.

“They believe silver to be superior since it is aesthetically pleasing." Many people in Asia and India present the bride with silver jewellery, coins, and custom-made silver glasses, notes, and plates during the wedding. He, however, said that customers for silver are still minimal.

“Business-wise, we cannot say there is a big rise in demand, but those who were sole customers of gold have now started thinking silver.” He also explained that the resale value of silver depends on its quality, and making charges will be deducted.

Silver up 10 times

Reportedly, the value of silver has shot up ten times per gram recently, whereas the price of gold has gone up approximately seven times.

In Manama, the price of silver hit its lowest point of BD 0.30 per gram on April 28 and its highest point of BD 0.31 per gram on May 23. Over the past seven days, the price ranged between BD 0.30 on April 28 and BD 0.31 on May 3.