Silver at fresh peak: White metal futures rise to over ₹2.87 lakh per kg, gold futures at new lifetime high

Silver futures climbed to a fresh peak for the third consecutive session on Wednesday, January 14, rising by nearly 5% during the morning session to surpass the ₹2.8 lakh per kg mark on the Multi Commodity Exchange (MCX). 

The white metal contracts for March delivery jumped 4.65% to ₹2,87,990 per kg from ₹2,75,187 per kg on the MCX. In just the last three sessions, silver has soared 14%, rising sharply by ₹35,265 per kg from Friday’s closing price of ₹2,75,187 per kg. 

For comparison, silver was priced at ₹87,578 per kg on January 1, 2025, which is approximately half of the increase in the last three days. Further, compared to January 1 last year, silver is currently up a remarkable 228.8%.  

Meanwhile, gold futures also surged to a new record, advancing nearly 1% to ₹1,43,480 per 10 gram on the MCX, rising from Tuesday’s closing price of ₹1,42,241 per 10 gram. Compared to gold contracts on January 1, 2025 (₹76,893 per 10 gram), the yellow metal has risen by 86.5%.

Notably, silver consistently outperformed gold in terms of returns in 2025 and is still delivering better returns so far in the current calendar year.

Why are gold and silver rising?

Gold and silver are safe-haven metals; they rise during uncertain situations. In 2025, the precious metals rose due to global dynamics, which included heightened geopolitical tensions, falling currencies, market volatility and increased central bank gold buying.

In recent weeks, the white and yellow metals have advanced in a strong bull run due to rising tensions in the global markets, led by US actions on Venezuela, the US Federal Reserve probe, the continuing Russia-Ukraine conflict and escalating unrest in Iran. 

The US Attorney's Office has reportedly opened a criminal investigation into Federal Reserve Chair Jerome Powell, while President Trump is considering military options against Iran following anti-government protests. Other developments, including in Greenland and Russia, have been causing greater instability in the markets, further boosting bullion. 

Moreover, silver’s rising industrial demand and supply shortages have been boosting the white metal to new highs in every other session. Silver rises in tandem with gold, but it has also been supported by its widening supply-demand gap.