Silver rates near record high of ₹1.9 lakh/kg, gold rallies to ₹1.3 lakh/10 gm ahead of Dhanteras 

Silver prices in Delhi hit a lifetime high of ₹1,85,000 per kg on Tuesday, October 14, rising for the fifth consecutive session. In the last five trading sessions, the metal has added ₹31,000. This dramatic rise of silver has grabbed everyone’s attention, especially as there has been a supply deficit of the white metal for five years straight now. 

The white metal seems to be fastly approaching the ₹2 lakh mark, trading near ₹1.9 lakh/kg on Wednesday, October 15. 

The demand-supply mismatch of silver, driven by increased industrial demand for the metal in crucial sectors such as 5G, EV, and solar, is pushing it to new highs every other day. 

"Silver has surged sharply as investors rotate out of the dollar into tangible assets, reflecting mounting apprehension over US fiscal stability and the autonomy of the Federal Reserve. Supply constraints have intensified, with robust shipments to the United States amid concerns of potential import tariffs draining London inventories to multi-year lows," a PTI report quoted Riya Singh - Research Analyst, Commodities and Currency, Emkay Global Financial Services, as saying.

Gold, continuing its upward trend, surged ₹2,850 on Tuesday to an all-time high of ₹1,30,800 per 10 gram in Delhi, driven by heavy festive buying by retailers ahead of Dhanteras. The high demand for gold jewellery is being recorded even amid soaring prices in both domestic and international markets. 

Gold, silver futures

Gold futures for December expiry on Wednesday, October 15, climbed to a fresh peak of ₹1,27,500 per 10 gram on the Multi-Commodity Exchange (MCX), advancing ₹1,244 from the previous close of ₹1,26,256 per 10 gram. 

Silver futures were trading near their all-time high of ₹1,62,700 per kg on the MCX on Wednesday. The white metal contracts for December delivery were at ₹1,60,639 per kg at around 11:15 pm.

"India, the world's largest consumer of silver, the white metal prices are trading at a steep premium of up to 10-15% over global benchmarks, driven by robust investment and festival-related demand, prompting physically backed ETFs to halt new subscriptions,” Singh added. 

In the overseas markets, spot gold hit a record high of $4,179.71 per ounce on Tuesday, while spot silver touched a fresh peak of $53.54 per ounce. 

Gold and silver are both on a bull run, having gained nearly 60% and 90% just in 2025, respectively. Geopolitical turmoil, trade tensions, weakening currencies, sustained central bank gold purchases, market volatility, and rising industrial demand for silver, combined with supply constraints and a generally clouded global economic outlook, have all contributed to the recent surge in gold and silver prices. 

The upcoming festivals, mainly Dhanteras and Diwali, are expected to boost the demand and prices of these metals further. Investors consider it auspicious to buy gold and silver during Diwali, which is why the metals usually cross record highs during the festive season in India.