Silver has emerged as the standout performer in global commodities this year, with prices soaring nearly 56 per cent in calendar year 2025 (CY25). The white metal touched close to $44 an ounce in international markets and Rs 134,089 per kilogram (kg) in domestic markets — its highest return in a decade. By comparison, gold has risen about 49 per cent to Rs 113,129 per 10 grams, underscoring silver’s sharper rally. Advertisement

The last time silver posted such robust gains was in 2020, when prices surged 44 per cent to Rs 67,383/kg in India. Gold then advanced 27.9 per cent year-on-year to Rs 50,001/10 grams.

Demand and supply dynamics

Silver prices have shown similar strength as gold, thanks to demand from industrial and ornamental uses, as well as a collapse in global supplies. In In

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