Silver prices skyrocket to fresh peak of ₹2.56 lakh per kg in Delhi; gold trades flat

Silver at fresh peak: Silver prices in Delhi soared on Wednesday, rising by ₹5,000 in a single session to hit a new lifetime high of ₹2,56,000 per kg amid strong safe-haven demand and robust industrial buying, according to the All India Sarafa Association. The white metal closed at ₹2,51,000 per kilogram in the previous session.

According to a PTI report, escalating tensions between the US and Venezuela following US actions against the South American nation boosted the safe-haven appeal of the precious metals. Silver, just like gold, is a safe-haven asset that rises during uncertain times. 

In 2025, silver rose by as much as 166%, rising from ₹89,700 per kg on December 31, 2024 to nearly ₹2.4 lakh per kg at the end of the year. Heightened geopolitical tensions, trade war concerns, increased gold buying by the central banks, weak currencies, market volatility and other uncertain situations resulted in a bull run for gold and silver last year. 

Additionally, the widened supply-demand gap for silver due to supply shortages amid strong industrial demand supported the white metal, resulting in remarkable gains in both domestic and overseas markets.  

"Silver prices were also driven by sustained buying by investors and China's export curbs on silver that came into effect from January 1," the PTI report quoted an expert as saying.

Meanwhile, gold prices (24K, 99.9% purity) slipped marginally by ₹100 to ₹1,41,400 per 10 gram (inclusive of all taxes), as against the previous close of ₹1,41,500 per 10 gram.

The yellow metal remained flat on Wednesday as investors booked profits after the recent rally. Before the session on January 7, gold advanced for four consecutive sessions.

Further, the rising US dollar put downward pressure on the yellow metal. However, gold prices remain elevated due to persistent safe-haven demand for precious metals. 

During the previous calendar year, gold prices rallied by 74.4%, growing from ₹78,950 per 10 gram on December 31, 2024 to close at ₹1,37,700 per 10 gram on December 31, 2025.

International markets

In the overseas market, spot gold fell by $45.22, or 1.01%, to $4,449.87 per ounce. Spot silver was trading down by $2.55, or 3.15%, at around $78.69 per ounce. During the session, the white metal climbed by $1.45, or 1.8%, to hit an intraday high of $82.75 per ounce. 

"We could see some profit booking from here, but when it breaks the previous top again, the next level to watch for is $84 (₹ 2,66,000 per kg) and $88.5 (₹ 2,80,000 per kg),” the PTI report quoted Renisha Chainani, Head - Research at Augmont, as saying.