Silver prices surged to a fresh high of Rs 1,84,727 per kg on the Multi-Commodity Exchange, March 2026 futures contract on Wednesday, gaining 1.38%. The metal has doubled in value in 2025 and is now on track to challenge the Rs 2 lakh milestone next year, driven by global supply tightness, tariff concerns, and rising expectations of US Fed rate cuts.
The surge comes after the metal opened lower on Wednesday, The precious metal's price fell to Rs 1,81,400 per kilogram during early hours after it hit record high of Rs 1,81,680 per kilogram earlier this week, according to the India Bullion Association.
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The metal had hit a record high on Monday after a trading outage on the Chicago Mercantile Exchange due a data-center fault adding to the ongoing supply shortage.
The rally is also triggered by multiple other high-impact factors. This included the US Geological Survey's addition of silver to its Critical Minerals List, tariff fears, repeated global short squeezes, and chronic supply tightness across major hubs.
Adding to all these factors is the weak US economic data and rising Fed rate-cut expectations that further boosted non-yielding assets like silver, adding fuel to the rally.
In New Delhi, the price stood at Rs 1,83,230, per kilogram, and in Mumbai, it stood at Rs 1,83,550 on Wednesday.
In Bengaluru, the rate stood at Rs 1,83,690, while in Kolkata, it was Rs 1,83,310 per kilogram. The price of the precious commodity in Chennai was the highest at Rs 1,84,080 per kilogram.
Meanwhile, Gold prices in India saw a minor decline to Rs 1,29,770. However, Spot gold also rose on Wednesday trading near $4,250 an ounce.
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