What’s the story
Silver prices in India have surged to a record high of ₹1.18 lakh per kilogram, according to data from Goodreturns.
The spike is attributed to trends in global markets and the weakening of the rupee, which makes imports costlier.
Despite a slight dip in global silver prices, they remain close to a 14-year high due to economic concerns pushing investors toward precious metals like silver and gold.
Why silver prices are skyrocketing
The rise in silver prices is largely due to economic uncertainty, such as impending US trade tariffs and currency fluctuations. These factors have pushed investors toward safer assets.
Additionally, the rising demand for the metal from tech industries such as electric vehicles (EVs) and solar energy has led analysts to predict that silver could continue its upward trajectory in the future.
Global and Indian market outlook
Analysts expect silver prices to find support at $38.75-$38.55/oz and face resistance at $39.45-$39.65/oz in the global market.
In India, Mehta Equities predicts support for silver at ₹1,14,780-₹1,13,850/kg and resistance at ₹1,16,450-₹1,16,950/kg.
Sandip Raichura of PL Capital-Prabhudas Lilladher believes “the fundamentals are in place for a major rally” due to deepening supply deficits and rising demand from various sectors.