Silver outshines gold, hits 1.12L/kg
The latest spike saw silver prices rise by Rs 2,500 in a single session to go up from Saturday's Rs 1.10 lakh.
The white metal's stronger performance is backed by surging industrial demand and tight global supplies. "Silver's outperformance is largely due to increased consumption in sectors like solar energy and electronics. Last week, US President Donald Trump imposed a 50% tariff on copper imports, which will take effect on Aug 1.
Since silver and copper are both widely used in industrial applications, especially in electronics and clean energy sectors, if copper becomes more expensive due to tariffs, manufacturers are likely to look for cheaper alternatives like silver," said Haresh Acharya, director of Indian Bullion and Jewellers Association (IBJA).
Nearly 60% of silver's global demand now comes from industrial applications, particularly green technologies.
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"With India's bullish push for green energy through solarisation, silver consumption has sizeably increased in the country. With international prices hovering around $39 an ounce, silver is clearly emerging as a safe-haven investment and an essential input for industry," Acharya added.
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Meanwhile, gold price also increased to Rs 1.015 lakh per 10g on Monday. The increasing price of the yellow metal has impacted retail demand for gold.
According to jewellers, both gold and silver are gradually getting out of reach of common customers.
"A combination of industrial use and investment demand has fuelled the sharp rise, with silver ETFs attracting increasing investor interest as the metal gains attention for its growth potential. Gold and silver are clearly out of reach of customers. Exchange transactions have gone up substantially to 80% over the past six months, since when gold and silver prices increased. People come with old jewellery for repairing it or exchanging it for new.
Jewellery trade is clearly muted," said Manoj Soni, member of the Jewellers' Association Ahmedabad (JAA).
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