Silver prices rally to record high of ₹1.94 lakh/kg in Delhi, near $63 in overseas markets

Silver prices jumped to a record high for the second consecutive session on Thursday, December 11, rising by ₹2,400 to ₹1,94,400 per kg in Delhi amid strong global cues and a weak rupee following the rate cut announced by the US Federal Reserve. 

On Wednesday, the white metal rallied sharply, adding ₹11,500 to reach the previous lifetime high of ₹1,92,000 per kg, according to the All India Sarafa Association. 

Since the beginning of 2025, silver has gained 116.72%, rising by ₹1,04,700 from ₹89,700 per kg on December 31, 2024.

In the international market, spot silver rose for the third consecutive session, climbing $1.06, or 1.71%, to a lifetime high of $62.88 per ounce. So far in 2025, the precious metal has rallied $33.91, or 117.06%, from $28.97 per ounce on December 31, 2024.

Key factors behind the rally

Silver has risen dramatically in 2025 due to many factors, including: 

Silver has outperformed gold in 2025, giving higher returns than the yellow metal, primarily due to the global supply deficit and a consistent high industrial demand for the metal. 

As per reports, the white metal is expected to cross ₹2 lakh in the coming days. 

Gold prices

Gold rates (24K, 99.9% purity) remained flat on Thursday, rising marginally by ₹90 to ₹1,32,490 per 10 gram after closing at ₹1,32,400 per 10 gram on Wednesday, as per the association.

In the overseas market, spot gold fell $15.55, or 0.37%, to $4,213.12 per ounce.

"The US Federal Reserve's decision to cut key interest rates by 25 bps amid persistent inflation has reinforced bullish sentiment in precious metals. Lower rates reduce the opportunity cost of holding non-yielding assets like gold and silver, attracting fresh investment flows,” a PTI report quoted Hareesh V, Head of Commodity Research, Geojit Investments Ltd, as saying. 

"With bullion already at record highs, this policy shift adds momentum to the rally, as investors seek safe-haven assets amid economic uncertainty and inflationary pressures," he added.

The weakening of the US dollar following the rate cut is boosting bullion prices, as a softer greenback makes these metals more affordable for global buyers, he said. 

"The sharp rally in bullion is underpinned by structural supply deficits, robust industrial demand for silver, and sustained ETF inflows," Hareesh V said.