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Silver Prices Skyrocket, Stun Indian Markets
Dungarpur, India – A sudden and dramatic surge in silver prices over the past month has left both jewelers and consumers reeling across India. After a sluggish start to December, silver prices exploded upwards, adding a staggering ₹69,800 per kilogram in just 30 days. Gold prices have also seen a significant increase, rising by ₹15,800 per 10 grams of 24-carat gold.
The rapid ascent saw silver jump from ₹1.82 lakh per kilogram on December 9th to ₹2 lakh by December 17th. The pace quickened even further in the final week of the month, with significant single-day jumps. On December 26th, the price increased by ₹9,600 and then again by ₹16,100 on December 27th, reaching ₹2.52 lakh per kilogram. While prices saw a slight dip of ₹3,000-4,000 on Monday, dealers emphasize that the market remains highly volatile, with prices fluctuating hourly.
Riyank Shah of Gehna Jewelers attributes the surge not to speculation, but to genuine demand. He explained that decreased silver imports from China, coupled with increasing domestic demand driven by the burgeoning electric vehicle (EV) and solar industries, are the primary factors.
Shah predicts that the upward trend will continue, forecasting that gold will surpass ₹2 lakh and silver will exceed ₹3 lakh in the near future.
First Piper 