Silver prices skyrocket ₹11,500 to fresh peak of ₹1.92 lakh/kg amid strong global cues; gold jumps

Silver made a remarkable jump on Wednesday, December 10, making its steepest single-day surge in nearly two months. Silver prices skyrocketed by ₹11,500 to a fresh peak of ₹1,92,000 per kg in the national capital amid robust domestic demand fuelled by global cues. 

The white metal closed at ₹1,80,500 per kg on Tuesday, according to the All India Sarafa Association. The precious metal gained ₹11,500 on Wednesday in the local retail markets. 

So far in 2025, silver prices have advanced ₹1,02,300 (114.04%) from ₹89,700 per kg on December 31, 2024. Earlier, such a steep single-day rise in silver price was recorded on October 10, when the white metal rates jumped ₹8,500 to ₹1,71,500 per kg. 

Gold prices

Gold prices (99.9% purity, 24K) climbed ₹800 on Wednesday to ₹1,32,400 per 10 gram after closing at ₹1,31,600 per 10 gram on Tuesday. 

A weak US dollar and hopes for a rate cut by the US Federal Reserve boosted bullion prices on Wednesday. Traders also remained cautious due to geopolitical uncertainties, boosting precious metals further. 

In the overseas market, spot gold was trading 0.16% lower at $4,201.70 per ounce. 

Spot silver climbed to a fresh peak on Wednesday, extending gains after surpassing the $60 an ounce mark for the first time on Tuesday. It climbed 1.53% to hit a record high of $61.60 per ounce during the session. 

On Tuesday, the white metal gained $2.66 (4.58%) to a lifetime high of $60.82. Over the last two sessions, silver has gained $3.44 (5.91%) after closing at $58.161 per ounce on Monday. 

Silver prices surged as traders bet on further monetary policy easing by the US Federal Reserve and a supply deficit for the white metal. This year, silver has advanced dramatically, primarily due to the widening supply-demand gap, as silver’s demand is rising rapidly in crucial industries like EVs. 

The US Fed's FOMC monetary policy decision will be announced tonight, and is expected to influence market sentiment and bullion prices heading into 2026. Despite inflation concerns, market participants are widely expecting a 25-basis-point (bps) rate cut to be announced. 

Investors will also closely watch the Federal Reserve Chair Jerome Powell's press conference for signals on the future policy path and bullion prices outlook.