Silver has now followed gold’s upward trajectory and created a new price milestone of its own. In Nagpur’s bullion market, silver prices have surged by a record ₹32,000 within just four days, pushing the rate to an all-time high of ₹2,86,443 per kilogram, including 3 percent GST. Market experts believe the metal may soon touch the ₹3 lakh mark. Notably, compared to Tuesday, silver alone jumped by a massive ₹14,100 per kilogram on Wednesday. Since the start of the new year, prices have risen sharply, with January alone witnessing an increase of ₹50,800, leaving investors and buyers astonished.
The rapid rise in silver prices is not driven by investment demand alone but is backed by several global and industrial factors. Silver is increasingly used in solar power generation and electric vehicle manufacturing, significantly boosting industrial consumption. With countries worldwide focusing on green energy, demand for silver has grown rapidly at the industrial level. However, global supply remains limited, as mining output has been sluggish, leading to shortages. In addition, global economic uncertainty and inflation concerns have encouraged investors to view silver as a safe asset alongside gold. Since silver was undervalued for a long time compared to gold, aggressive buying is now narrowing that gap.
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Nagpur is a major hub for gold and silver trade in central India, making this sharp rise particularly significant. The surge has become a cause of concern for customers, especially during the ongoing wedding season, when demand for precious metals is traditionally high. Silver is no longer restricted to ornament-making alone, as industrial growth and rising investor interest are acting as twin engines behind this unprecedented rally. While the steep climb poses challenges for consumers, it is proving highly beneficial for investors. According to Rajesh Rokde, Chairman of the All India Gems and Jewellery Council, silver is currently emerging as a golden opportunity for long-term investment.