Silver Prices in India Surge 185% in a Year

Mumbai, May 23: Silver prices in India have staged a remarkable advance over the past twelve months, rising 185% from ₹100 per gram on May 23, 2025, to ₹285 per gram on May 23, 2026. In per-kilogram terms, the metal has moved from ₹1,00,000 to ₹2,85,000 — an increase of ₹1,85,000 per kilogram. The journey has been anything but linear, with the metal touching a peak of ₹340 per gram in January 2026 before correcting through the first quarter of the year, and then steadily rebuilding to its current level.

The year began with silver at a relatively settled ₹100 per gram in May 2025, reflecting a market that was broadly range-bound as global industrial demand growth remained moderate and the precious metals complex had not yet received any significant macro shock. June and July 2025 brought a gentle upward drift, with prices moving to ₹110 and ₹119 respectively, as global manufacturing activity showed early signs of recovery and investment interest in commodities began to pick up quietly. August was largely stable at ₹120, as markets consolidated ahead of what would prove to be a significant inflection in the second half of the year.

Check list of Silver ETFs in India

The real momentum began building in September 2025, when silver jumped to ₹140 per gram — a gain of ₹20 over August — as a combination of stronger global industrial demand, a weaker US dollar, and early signs of supply tightness in global silver markets converged to push prices higher. October added further gains, taking the metal to ₹159, as investor interest in silver as both an industrial and monetary metal gathered pace. November held broadly steady at ₹164, suggesting the market was pausing to absorb the previous two months of sharp gains.

December 2025 brought the most dramatic single-month surge of the year, with silver leaping from ₹164 to ₹223 per gram — a gain of nearly ₹60 in one month — as a combination of year-end portfolio repositioning, a sharp rise in industrial demand projections for solar panels and electric vehicles, and sustained investment buying drove the metal to levels not seen in years. January 2026 then produced the all-time year high of ₹340 per gram, as the same macro tailwinds intensified and a sharp spike in gold prices pulled silver higher in sympathy through the gold-to-silver ratio mechanism that often links the two metals in periods of strong safe-haven demand.

The correction that followed was equally striking. February 2026 saw prices ease to ₹300 as some of the speculative positioning unwound, and March 2026 brought a more significant pullback to ₹230, as industrial demand signals moderated and investors took profits following the January peak. April’s recovery to ₹260 suggested the worst of the correction was over, and May 2026 has seen prices stabilise at ₹285 per gram — well below the January peak but comfortably above all levels from the first half of 2025. The government’s recent decision to raise import duties on silver to 15 per cent has added a fresh structural floor to domestic prices, even as it compresses the near-term demand outlook among retail buyers.

Monthly Silver Prices: May 2025 to May 2026

Source: goodreturns.in | May 23, 2026