Ahmedabad: Silver witnessed one of its sharpest rallies in recent years, surging nearly 30% between Jan 1 and 19, as strong investor appetite and robust industrial demand propelled prices to record highs. In Ahmedabad, silver crossed the psychological Rs 3 lakh per kg mark on Monday, settling at an all-time high of Rs 3,02,820 per kg.The precious metal gained a staggering Rs 27,820 in a single trading session from Saturday’s closing level of Rs 2.75 lakh per kg. From Jan 1, when silver was trading at Rs 2.32 lakh per kg, prices have climbed sharply, underscoring the pace and intensity of the rally.Contrary to expectations, the steep rise did not dampen buying sentiment. Instead, it drew more investors betting on faster returns. Air cargo data showed Gujarat’s silver imports rose 37% year-on-year during April–Dec 2025 to 1,064.83 metric tonnes (MT), compared with 779.85 MT in the corresponding period last year.“With gold becoming increasingly expensive, silver demand has automatically picked up. This demand is not limited to bullion or jewellery but extends strongly to industrial use,” said Jigar Soni, president of the Jewellers’ Association of Ahmedabad. He noted that nearly 60% of silver consumption is driven by industrial applications, prompting stockists to build inventories amid expectations of further price gains. Demand for 925 silver jewellery has also surged, particularly among young working women opting for daily-wear designs.Globally, spot silver touched an all-time high of $94.36 per ounce on Comex before easing slightly, amid heightened geopolitical tensions and renewed tariff concerns, which added to market volatility and boosted demand for precious metals.Box: Gold mirrors bullish trendGold touched a record Rs 1.49 lakh per 10g, up Rs 2,200 from the previous session on Monday. Analysts attributed the rally to a blend of safe-haven flows and sustained industrial consumption from sectors such as electronics and manufacturing. “With gold at record levels, silver has emerged as a preferred alternative due to its relatively lower entry cost and higher return potential,” said Haresh Acharya, director at the India Bullion and Jewellers’ Association.Head: Returns on investment (Rs/kg)Jan 1 Jan 19 % Change 2.32L 3.02L 30 Head: Imports to Gujarat (April–Dec in MT) 2024 2025 % change 779.8 1,064.8 37 Source: Air Cargo
