Silver Price Today: The white metal briefly crossed Rs 3 lakh mark on MCX today, May 13 after government hiked import duty on gold, silver and platinum.
At 9:15 am on Wednesday, Silver July Futures was at around Rs 3,00,457 per kg. However, the precious metal dropped later and stood at around Rs 2,96,278 per kg at 10:49 am.
The government raised import duties on gold and silver to 15% from 6% after PM Modi's appeal to postpone gold purchases for an year as a measure to save forex amid the ongoing crisis in the Middle East.
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What Does Silver's Rs 3 Lakh Milestone Mean?
According to Harshal Dasani, Business Head, INVAsset PMS, "Silver crossing Rs 3 lakh per kilogram on MCX is a milestone, but in our view, not a peak. The metal sits at a rare intersection in the commodity complex — monetary and industrial at the same time, in a phase where both demand engines are accelerating together rather than alternating. On the industrial side, silver has become a critical input across semiconductors, photovoltaics, EV electronics, and the AI hardware build-out. Every additional gigawatt of solar capacity, every advanced packaging node, and every AI data-centre expansion deepens an already-arithmetic supply deficit. The supply base has not meaningfully scaled to match this and is unlikely to within the relevant investment horizon."
He added, "On the monetary side, the diversification trade away from dollar-denominated assets — driven by emerging-market central banks, BRICS-aligned reserve managers, and the broader de-dollarisation impulse — is providing a quieter but persistent underbid. Silver tends to follow gold's monetary moves with a lag and a higher beta, which makes the current setup particularly asymmetric in its favour."
What Must Investors Do Now?
Dasani advised, "Investors already overweight should hold; those underweight should use any consolidation to build positions, patiently and in measured tranches. The risk-reward still tilts decisively to the upside."
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