Silver prices today: White metal crosses Rs 2 lakh per kg for first time in Delhi; global rally fuels surge
The white metal surged Rs 7,300 to hit an all-time high of Rs 2,05,800 per kg, compared with the previous close of Rs 1,98,500 per kg.“Silver continued its ascent with prices touching record high levels in the domestic markets as the white metal surged to hit a new peak in the international markets,” Dilip Parmar, Research Analyst, HDFC Securities, said.So far this year, silver prices have jumped by Rs 1,15,300, or 127.40%, from Rs 90,500 per kg recorded on January 1, 2025.In the local bullion market, gold prices also edged higher, rising Rs 600 to Rs 1,36,500 per 10 grams (inclusive of all taxes), against the previous close of Rs 1,35,900 per 10 grams, the association said.Renisha Chainani, Head – Research at Augmont, said the US dollar index has slipped to a two-month low, making dollar-priced bullion more affordable for overseas buyers.In the international markets, spot gold climbed $18.59, or 0.43%, to $4,321.06 per ounce.“Spot gold is trading with a gain of around 0.4% at $4,320 per ounce as traders await the US Consumer Price Index (CPI) data to be released on Thursday,” Praveen Singh, Research Analyst, Mirae Asset ShareKhan, said.Echoing similar views, Parmar said gold prices are hovering near record highs as investors track escalating geopolitical tensions in Venezuela.
He added that markets are also watching for signals of further monetary easing after the US Federal Reserve’s third consecutive rate cut last week, which supports non-interest-bearing assets.
Investment demand from both retail and institutional investors is expected to remain strong, potentially pushing prices higher, he said.Meanwhile, spot silver in overseas trade crossed the $66-per-ounce level for the first time, jumping $2.77, or 4.35%, to a fresh record of $66.52 per ounce.“Silver extended its remarkable rally, breaking above the $66 per ounce level for the first time on record, driven by a combination of tight physical supply conditions, rising safe-haven demand, strong inflows into silver-backed ETFs, and growing expectations of US Federal Reserve rate cuts,” Kaynat Chainwala, AVP – Commodity Research, Kotak Securities, said, PTI quoted.Chainwala added that momentum has been amplified by reports that China plans to restrict silver exports from 2026, which could disrupt a key supply source.
“With Chinese silver inventories already at their lowest levels in a decade, any export curbs risk worsening the physical squeeze, reinforcing the bullish narrative and potentially sustaining elevated prices in the near term,” she said.During the year, silver prices have climbed $36.96, or 125.05%, from $29.55 per ounce on January 2, 2025.
Chainwala noted that silver’s rally has outpaced gold, gaining over 120% year-to-date, reflecting a historic squeeze driven by tight supply, rising lease rates and stronger demand linked to silver’s growing role in the global green energy transition.
