Silver Price Crosses ₹2 Lakh Per Kg for the First Time
On December 17, silver crossed ₹2 lakh per kilogram for the first time. According to the India Bullion and Jewelers Association (IBJA), the price opened at ₹2,00,750 per kilogram in the morning. However, there was a slight dip afterward, and it closed at ₹1,99,641 per kilogram, an increase of ₹7,664 from the previous day’s price of ₹1,91,977.
Earlier, on March 18, silver had reached ₹1 lakh per kilogram for the first time. This means it took just 9 months for silver to go from ₹1 lakh to ₹2 lakh per kilogram, whereas it took 14 years to rise from ₹50,000 to ₹1 lakh per kilogram. With the current price, silver is at an all-time high.
Four Major Reasons for the Surge in Silver Prices:
- Industrial Demand: Silver is now not only used in jewelry but has become an essential raw material due to heavy usage in solar energy, electronics, and electric vehicles (EVs).
- Trump's Tariff Fears: American companies are stockpiling silver, and the global supply shortage has pushed prices higher.
- Manufacturers' Rush: Manufacturers are buying up silver to avoid production halts, ensuring that the demand remains high in the upcoming months.
- Increased Silver Investment: Investors are turning to Silver ETFs to invest in silver, further driving up demand.
Gold Price Update:
Gold prices also saw a rise today, with the 24-carat purity gold increasing by ₹540 to ₹1,32,317 per 10 grams. This is up from ₹1,31,777 per 10 grams on December 16. The all-time high for gold was ₹1,33,442 per 10 grams, reached on December 15.