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Time of India

At 1.16L, silver outshines gold's rally

Ahmedabad: Silver touched a historic high of Rs 1.16 lakh per kg in the Ahmedabad market on Wednesday, driven by robust global demand, heightened geopolitical tensions, and strong industrial offtake. Since Jan 1, when silver was trading at Rs 86,500 per kg, it delivered an impressive 34.6% return, surpassing gold's performance in the same period. Gold, which stood at Rs 79,200 per 10g on Jan 1, closed at Rs 1.03 lakh per 10g on Wednesday, marking a gain of around 30.4%. The rally in both precious metals was fuelled by a flight to safe-haven assets by investors, amid geopolitical uncertainty, inflationary concerns, and hefty procurements by central banks as well. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad | Gold Rates Today in Ahmedabad | Silver Rates Today in Ahmedabad Unlike gold, which is largely driven by investment and jewellery demand, silver enjoys a dual role as a precious metal and as a key industrial material used in electronics, solar panels, and electric vehicles. Jewellers and artisans are also increasingly turning to silver as a more affordable alternative to gold for ornaments and artefacts, particularly as gold prices hit record levels. "Silver has become the new gold for jewellery buyers. It has remained extremely common among rural buyers and small-time labourers who can't afford gold. Several jewellers have opened dedicated showrooms for silver jewellery anticipating higher demand for silver jewellery amidst gold price hikes. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cardiologists Recommend: Eat 1 Teaspoon Tonight - Wake Up With a Flatter Stomach Break The Weight Learn More Undo The 22 carat gold jewellery is increasingly becoming out of reach for customers especially after gold prices surpassed the Rs 1 lakh mark," said Hemant Choksi, a bullion trader in Manek Chowk. "The price gap between the two metals has widened so much that customers who once bought small gold pieces are now opting for heavy silver jewellery or customised artefacts," said Choksi. With both investment and consumption supporting the rally, analysts say silver's upward momentum could sustain in the near term, though profit-booking may trigger short-term volatility. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.