Silver hits record Rs 2.27 lakh per kg in Delhi as global prices cross USD 72 an ounce

Silver prices surged to an all time high in the national capital on Wednesday, reflecting a strong rally in global bullion markets amid a weak US dollar, expectations of easier monetary policy and rising geopolitical tensions.

According to the All India Sarafa Association , silver jumped sharply by Rs 9,750 to touch a record Rs 2,27,000 per kilogram in Delhi. The white metal had settled at Rs 2,17,250 per kg in the previous session, making Wednesday’s rise one of the steepest single day gains in recent months.

Analysts said the rally was driven largely by strength in overseas markets, where spot silver breached the USD 72 per ounce level for the first time. Saumil Gandhi, Senior Analyst Commodities at HDFC Securities , said international bullion prices touching record highs provided strong momentum to domestic markets as well.

Silver has delivered exceptional returns this year. During the calendar year 2025, prices have risen by Rs 1,37,300 per kg, a gain of over 153 percent, from Rs 89,700 per kg recorded on December 31 last year. Market participants attribute this surge to a combination of macroeconomic uncertainty and sustained investor demand for safe haven assets.

Gandhi noted that a softer US dollar, expectations of a dovish stance from the US Federal Reserve , and ongoing geopolitical tensions continue to support silver prices.

Meanwhile, Gold prices showed marginal weakness in the domestic market. Gold of 99.9 percent purity slipped slightly by Rs 50 to trade at Rs 1,40,800 per 10 grams, inclusive of all taxes, compared with Rs 1,40,850 per 10 grams in the previous session.

In contrast, gold continued its strong upward momentum in international markets. Spot gold crossed the USD 4,500 per ounce mark for the first time, rising nearly one percent to USD 4,525.96 per ounce. Praveen Singh, Head of Commodities and Currencies at Mirae Asset Sharekhan , said gold touched a fresh record during Asian trading hours as the US dollar remained under pressure.

Over the past four sessions, gold prices have gained more than USD 186 per ounce, while on a year to date basis, the metal has risen nearly 74 percent.

Silver also extended gains in global trade for the fourth straight session, climbing to a new high of USD 72.70 per ounce. Analysts said expectations of further monetary easing by the US Federal Reserve and heightened geopolitical risks have pushed investors towards precious metals, keeping bullion prices firmly supported.