Equity market jitters and geopolitical tensions drive investors toward safe-haven bullion.
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The rally in silver has followed the surge in gold prices, which topped $3,500 per ounce - a record high - on rising hopes of a rate cut by US Federal Reserve, and strong safe haven buying amid global uncertainties.
Gold and silver prices surged to multi-month highs, driven by expectations of a U.S. Federal Reserve rate cut and a weakening dollar. Spot gold neared its all-time high at \$3,493.10 per ounce, while silver crossed \$40 for the first time since 2011. In India, 24K gold hit Rs 105,880 per 10 grams and silver reached Rs 1.05 lakh per kilogram. This rally boosted gold and silver ETFs on the NSE, with ICICI and SBI Gold ETFs gaining over 1.6%, and HDFC Silver ETF surging 4.58%. Rising demand for silver from the EV and solar sectors, along with a five-year supply deficit, has intensified interest. ETF inflows for silver reached a three-year high, while global gold ETF holdings climbed to 3,656.7 tonnes. Upcoming Indian festivals and weddings are expected to fuel further physical demand. Analysts predict continued momentum amid global economic uncertainty and supportive monetary policy trends.
Spot gold was up 0.7% at $3,469.84 per ounce by 1049 GMT, its highest since April 22 when it touched a record-high of $3,500.05
Gold's futures contracts with October expiry on MCX jumped more than 2% to hit an all time high of Rs 1,05,937 per 10 grams today.
Gold demand in the world's second-biggest consumer of the precious metal could stand between 600 metric tons and 700 metric tons in 2025, the lowest since 2020
Investors can now access silver in digital form via Silver ETFs (Exchange Traded Funds) or Silver ETF FoFs (Fund of Funds). Both offer exposure to silver without the hassle of physical storage, but they differ in cost, convenience, and taxation.
Silver has quietly outperformed gold with a 3.5x surge since pandemic lows, driven by industrial demand from electric vehicles and solar panels, tight supply conditions, and growing investment interest.
"... a need is felt to standardize the valuation methodology for gold and silver across the mutual fund industry, in order to ensure consistency and eliminate discrepancies in the valuation of these commodities," stated the SEBI consultation paper.
SEBI said the proposed changes are expected to bring uniformity in valuation of gold and silver throughout the mutual fund industry
Imports fill most of the demand in the world's largest consumer of silver, where domestic prices touched a record high of Rs 114,875 a kg as a production shortfall spurred investors' hopes for a further rally
'Silver isn’t following gold anymore—it’s leading. And this time, its shine comes from utility, not just tradition,' said Harshal Dasani from INVasset PMS.
In 2025 so far, gold has gained over 25 percent, while silver has risen more than 24 percent—highlighting growing investor appetite for precious metals amid rising uncertainty
Gold-silver ratio has also declined significantly, tracking the rise in silver and fall in gold’s prices.
Silver rates today: The precious metal's futures contracts with August expiry hit an all-time high of Rs 1,09,250 per kg on MCX today.
Hindustan Zinc share price: In the domestic markets, the price of silver jumped Rs 3,000 per kg in just one day to stand at around Rs 1.07 lakh per kg.
In the last fortnight, gold prices have gained nearly 6.5 percent on Comex – the platform for precious metal F&O trades - while silver has seen a rally of more than 10 percent.
Hindustan Zinc share price: The company is the largest producer of silver in India, and produces refined silver with a minimum 99.9 percent purity.
Silver’s unique 'dual nature' as both a precious and industrial metal is central to its investment appeal
The yellow metal’s dizzying rise may have left silver behind for now, but its long-term prospects remain strong; retail investors can look to allocate 5 percent of their portfolio to silver, say experts.
Gold prices have surged, pushing the Gold-Silver ratio above 100 for the first time since the pandemic, as silver struggles to keep pace.
While gold prices saw a decline, silver continued its bull run, dodging the overall market trend. MCX Silver May futures opened at Rs 88,884 per kg on April 7, higher than April 4's opening level of Rs 87,211 per kg.