NEW YORK, December 28, 2025, 22:54 ET
Key points:
- Silver futures in India jumped about 32,500 rupees per kilogram in four sessions, Aaj Tak reported.
- Domestic benchmark silver rates rose about 28,000 rupees per kilogram in a week, while gold also climbed, Aaj Tak said.
- In Shahjahanpur, traders said customers are shifting toward coins and bars as silver jewellery buying drops by up to 50%, Amar Ujala reported.
Silver prices in India have pushed to fresh records, lifting futures by more than 32,000 rupees per kilogram in four trading sessions and driving a shift from jewellery to investment-grade coins and bars in some retail markets.
The move matters now because it is hitting consumer demand just as year-end buying typically picks up, while also drawing more small investors into physical silver at elevated prices.
It also underlines how silver is trading on both “safe-haven” flows — demand for assets viewed as stores of value — and industrial use, which can amplify price swings. Aaj Tak cited a weaker U.S. dollar and expectations of U.S. interest-rate cuts among the drivers. AajTak
On India’s Multi Commodity Exchange (MCX), a commodities bourse, silver futures — contracts that lock in a price for delivery at a later date — rose to 240,935 rupees per kilogram by Friday from 208,439 rupees on Dec. 19, Aaj Tak reported.
Gold rose alongside silver. MCX gold futures for early-February expiry climbed to 139,940 rupees per 10 grams by Friday from 134,196 rupees on Dec. 19, Aaj Tak said.
In the physical market, benchmark rates published by the India Bullion and Jewellers Association (IBJA) showed 24-carat gold at 137,956 rupees per 10 grams at Friday’s close, up from 131,779 rupees on Dec. 19, according to Aaj Tak.
IBJA’s benchmark silver rate ended Friday at 228,107 rupees per kilogram, up from 200,067 rupees on Dec. 19, Aaj Tak reported.
Retail prices can run higher than IBJA’s benchmarks because jewellers add a 3% goods and services tax (GST) and “making charges,” a labour fee for crafting jewellery, Aaj Tak said. AajTak
In Shahjahanpur in northern Uttar Pradesh, silver traded as high as 265,000 rupees per kilogram, and jewellery buying has fallen by as much as 50%, Amar Ujala reported, citing local bullion traders.
The same report said customers are increasingly buying pure silver coins and bars as an investment, while shoppers who still need items for weddings or family occasions are opting for lighter weights.
“Silver is no longer trading merely as a precious metal like gold,” Rahul Kalantri, vice president for commodities at Mehta Equities, said in comments carried by Times of India. The Times of India
In Jaipur, a major silver jewellery hub, demand for heavy anklets, bangles and silverware has softened, while manufacturers have leaned toward lighter, design-led pieces to keep products affordable at higher raw-material costs, Times of India reported.
Aaj Tak said the latest rise has tracked gains in international bullion markets, with industrial demand adding momentum to silver’s run.
