Gold and silver continued their meteoric rise on Monday, with silver surpassing ₹2.5 lakh per kilogram and gold breaking past ₹1.4 lakh per 10 grams. The rally comes amid robust global demand and geopolitical uncertainties, making precious metals the preferred safe-haven investments.
Silver Hits Record Levels
On the Multi Commodity Exchange (MCX), March silver futures jumped over ₹10,000 early Monday morning, crossing the ₹2.51 lakh mark per kilogram—a nearly 5% gain. The rally follows Friday’s surge, when silver prices had already increased by more than ₹11,000 per kilogram.
Gold Follows Suit
Gold also saw a strong uptick, with February delivery futures rising ₹350 on MCX, pushing prices above ₹1.4 lakh per 10 grams. On Friday, gold prices had already gained 1%, adding to the momentum.
Year-to-Date Performance
Silver has delivered approximately 170% returns in 2025, while gold has surged over 80% this year. This month alone, gold prices have increased by nearly 10%. Investors are flocking to these metals amid expectations of U.S. interest rate cuts and rising geopolitical tensions, which is fueling demand for safe-haven assets.
Drivers Behind the Rally
According to Rahul Kalantari, Vice President of Commodities at Mehta Equities, silver’s rally is not just because it is a precious metal. Its increasing industrial demand, limited stock availability, and crucial role in high-performance technologies are driving prices higher. The surge is also influenced by China’s upcoming export restrictions on silver, effective 1 January. China, a major consumer of silver for solar panels, electronics, and electric vehicles, is expected to impact the global supply chain.
Outlook
Jigar Trivedi, Senior Research Analyst at Reliance Securities, predicts that Comex silver prices could reach $100 per ounce next year due to supply constraints amid rising industrial demand. This suggests that silver may continue its upward trajectory in the near future.
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