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Silver prices continue to surge: Check today's prices in Mumbai, Delhi, Pune, other cities
The festive season demand spike in India is leading to a surge in Silver prices, as premium reportedly jumped to as much as 10% over global prices.
Silver prices continued its upward trend on Tuesday as well, with rates standing at ₹1,882 per 100 grams in India. The surge in prices came amid increased prospects of US Federal Reserve rate cuts and the ongoing trade war between China and the US, which has reportedly boosted safe-haven bets.
India is silver's biggest market for silver globally and is currently seeing a huge surge in demand ahead of Diwali. The festive season demand spike is leading to a surge in prices, as premium reportedly jumped to as much as 10% over global prices.
On Tuesday too, silver prices saw a surge in India, even as Bloomberg reported that silver fell 2.2% after touching an all-time high above $53 an ounce in London.
A look at October 14's silver prices in different Indians cities per 100 grams:
- Delhi - ₹18,820
- Mumbai - ₹18,750
- Pune - ₹18,850
- Chennai - 19,980
- Madurai - ₹19,910
- Bhubaneswar - ₹19,940
- Kolkata - ₹18,900
- Bengaluru - ₹18,720
- Chandigarh - ₹18,760
- Lucknow - ₹18,910
- Jaipur - ₹18,860
Why silver prices are surging in India?
The demand for silver is currently seeing an exponential rise in India amid the ongoing festive season. However, according to a Reuters report, global silver demand has exceeded supply for four consecutive years, erasing the surplus accumulated over the previous five.
Roughly 70% of silver is mined as a by-product of other metals, which limits the quick output of the metal in the face of rising demand. This is why silver production remains constrained.
While India is the biggest consumer of silver in the world, it relies on imports to meet more than 80% of its demand. However, while investment demands have surged, imports have reportedly fallen 42% in India over the first eight months of 2025.
This surge wiped out the surplus imported in 2024, resulting in a shortage that must now be covered through extra overseas shipments.
