Bhubaneswar: Indian consumers are facing record-high silver prices, with the white metal now trading above ₹3 lakh per kilogram amid a sharp surge in global markets. Data shows silver prices have tripled over the past year, rising by nearly 204 per cent, driven by a combination of macroeconomic and geopolitical factors.
Silver first breached the ₹1 lakh-per-kg mark in October 2024 before crossing ₹2 lakh in December 2025. The latest rally has pushed prices beyond ₹3 lakh, marking an unprecedented milestone for the metal in domestic markets.
In the Mumbai spot market on Monday, gold closed at ₹2,93,975 per kilogram, translating to ₹3,02,795 for consumers after adding 3 per cent GST. On the Multi Commodity Exchange (MCX), silver March futures were trading at ₹3,03,330 per kilogram at 7:45 pm IST, after touching an intraday high of ₹3,04,200.
Globally, silver prices surged to fresh all-time highs, briefly touching $94.75 per ounce before settling in the $93.25–$93.30 range. Silver March futures were quoted around $93.22 per ounce. The silver-gold ratio has narrowed sharply to 49.99, indicating that one ounce of gold now buys fewer than 50 ounces of silver, compared with over 100 ounces in April 2025.
Market analysts attribute the ongoing rally to four key factors. Central banks worldwide have begun easing interest rates as inflation moderates, enhancing the appeal of precious metals as stores of value. Persistent geopolitical tensions, including trade disputes and regional conflicts, have further strengthened safe-haven demand. In addition, strong industrial demand—particularly from renewable energy and electronics—and constrained supply conditions have added momentum to silver’s price rise.
With prices consolidating above the ₹3 lakh-per-kg level, market participants remain cautious, watching global monetary policy signals and geopolitical developments closely for cues on the sustainability of the rally.
-OdishaAge
