Silver futures soar over ₹3 lakh/kg, as white precious metal hits to new high

Indian consumers will now have to pay over ₹3 lakh a kg for silver, with the white precious metal prices soaring in the global market. Silver prices have tripled in the past year, rising by 204 per cent, data showed. 

The white precious metal topped ₹2 lakh a kg on December 12, 2025, while the ₹1 lakh a kg mark was breached in October 2024. The silver-gold ratio is 49.99, which means an ounce of gold can get 49.99 ounces of silver against over 100 in April 2025.

In the Mumbai spot market on Monday, gold ended at ₹2,93,975 a kg, while including 3 per cent GST, consumers will now have to pay ₹3,02,795. On MCX, silver March futures ruled at ₹3,03,330 at 1945 hours IST after touching a high of ₹3,04,200. 

Silver soared to over $94 an ounce in the global market before paring its gains to $93.17 an ounce. Silver March futures were quoted at $93.225 an ounce. 

Other precious metals too gain

In China’s Shanghai Futures Market, the white precious metal soared to $105.5 an ounce (23,548 yuan a kg) in the morning before easing to $103.1  (23,059 yuan) in the evening session.

Along with the white precious metal, gold gained 1.5 per cent, while platinum group of metals (PGMs) rose by 1.75 per cent.

The latest surge in the precious metals comes on the heels of US President Donald Trump threatening to impose new tariffs on eight European nations in a bid to gain control of Greenland. In turn, European leaders mulled retaliatory measures, including reviving the 2025 plan to levy tariffs on US goods. 

Dual demand

French President Emmanuel Macron called on fellow leaders to activate the EU’s anti-coercion instrument. All these boosted the demand for haven assets such as precious metals.

Akshat Garg, Head – Research & Product of Choice Wealth, said silver stands out with its dual demand: monetary protection plus explosive industrial use in solar panels, EVs, data centers, and electrification—now over half of total consumption. 

“Ongoing supply deficits from lagging mine output and recycling underscore its tightness, positioning it to outperform gold in growth phases while hedging stress periods,” he said.

Aamir Makda, Commodity and Currency Analyst, Choice Broking, said: “As of mid-January, silver has delivered nearly 30 per cent returns, mounting on the momentum of 2025. … the market faces a structural supply deficit exacerbated by China’s strict export licensing and limited mining growth, resulting in a severe drop in inventories. Global deficit of Silver has been projected to ~230 million ounces so far in 2026,” he said.  

Silver up 30% YTD

Gold ruled at $4,666 an ounce, while February futures ruled at $4671.21. In the Mumbai spot market, the yellow precious metal closed at ₹1,43,946 per 10 gm. On MCX, gold February futures ruled at ₹1,45,064 per 10 gm. 

Primary PGMs metal platinum quoted at $2,372.80 an ounce, while palladium ruled at $1,858 an ounce.

Gold has increased by 8 per cent this year, silver by over 30 per cent, platinum by 14 per cent and palladium by 11 per cent.

Renisha Chainani, head of research at Augmont, said gold is heading towards its next resistance of $4750-60 (78.6 per cent fibonnicci extension) and $4,990-5,000 (100 per cent fibonnicci extension).

Silver has touched the 61.8 per cent Fibonnicci resistance target of $93. Next level to watch for is 78.6 per cent Fibonnici extension of $99.2-100 and 100 per cent fibonnicci extension of $107. Strong support lies at $86.5, she said

Published on January 19, 2026