New Delhi: Precious metals witnessed a sharp rally on Thursday, with silver leading the charge. On the Multi Commodity Exchange (MCX), March-delivery silver surged over 4%, climbing past ₹1.96 lakh per kilogram—an increase of more than ₹8,000 in a single day. Gold prices also rose, with February-delivery gold gaining over ₹1,800 per 10 grams.
According to the India Bullion & Jewellers Association (IBJA), 24-carat gold in Delhi rose by ₹808 to ₹1,28,596 per 10 grams. Meanwhile, 22-carat gold increased to ₹1,17,794 per 10 grams, and 18-carat gold rose from ₹95,841 to ₹96,447 per 10 grams. In comparison, silver showed an even sharper rise, climbing ₹2,793 in 24 hours to reach an all-time high of ₹1,88,281 per kilogram, up from ₹1,85,488 per kilogram.
Reasons Behind the Rally
Several factors are driving the surge in precious metals. Industrial and retail demand for silver has increased, while heavy investment in exchange-traded funds (ETFs) has further boosted prices. Additionally, the U.S. has recently classified silver as a critical mineral, raising its strategic importance and investment appeal.
A key catalyst for the recent gains in both gold and silver has been the U.S. Federal Reserve’s monetary policy. The Fed cut interest rates by 25 basis points for the third consecutive time, bringing the federal funds rate to 3.50–3.75%. The softer stance has injected fresh momentum into the market, complementing already rising industrial demand and constrained supply, particularly in silver.
Looking Ahead
Silver has already surged over 113% this year, outpacing gold’s annual gains. Investors are now closely watching whether silver can cross the ₹2 lakh per kilogram mark before 2026, as market momentum remains strong.
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