Silver prices in India are witnessing a strong upward trend, continuing their impressive rally in the bullion market. On Monday, December 22, 2025, silver recorded a sharp jump of ₹5,000 per kilogram in a single day, reflecting growing demand and tightening global supply. The surge has pushed silver prices to elevated levels across major Indian cities, with Chennai reporting the highest rate.

According to market data, the price of one kilogram of silver in Chennai has climbed to ₹2,31,000, while in Delhi, Mumbai, and several other cities, silver is trading at around ₹2,19,000 per kg. The steady rise has caught the attention of investors, traders, and jewellery buyers alike, as silver continues to outperform many other asset classes.

Here are the latest silver prices in major Indian cities as of Monday:

• Delhi: ₹2,19,000 per kg

• Mumbai: ₹2,19,000 per kg

• Ahmedabad: ₹2,19,000 per kg

• Chennai: ₹2,31,000 per kg

• Kolkata: ₹2,19,000 per kg

• Gurugram: ₹2,19,000 per kg

• Lucknow: ₹2,19,000 per kg

• Bengaluru: ₹2,19,000 per kg

• Jaipur: ₹2,19,000 per kg

• Patna: ₹2,19,000 per kg

• Bhubaneswar: ₹2,19,000 per kg

• Hyderabad: ₹2,31,000 per kg

Prices may vary slightly depending on local taxes, transportation costs, and dealer margins.

Experts point to multiple global and domestic factors behind the sustained rise in silver prices. One of the key reasons is the growing gap between supply and demand. While demand for silver is increasing rapidly, global production has not been able to keep pace.

Traditionally seen as a metal for jewellery and utensils, silver has now emerged as a strong investment option. Investors are increasingly treating silver as a hedge against inflation and economic uncertainty, similar to gold. As a result, Silver Exchange-Traded Funds (ETFs) are witnessing continuous inflows, providing further support to prices.

Another major factor driving silver prices is the expectation of interest rate cuts in the United States in the coming months. Lower interest rates typically make non-yielding assets like silver more attractive, boosting investor demand.

In addition, concerns about future supply disruptions are adding to market nervousness. There are growing reports that China may impose restrictions on silver exports after 2026, which could significantly tighten global supply. Since China is one of the world’s major producers and exporters of silver, any limitation could have a direct impact on international prices, pushing them even higher.

Interestingly, silver has also outperformed gold in terms of returns this year. While gold prices have risen by nearly 65 percent in 2025, silver has surged by more than 120 percent, making it one of the best-performing commodities of the year.

This outperformance is largely due to silver’s rising industrial demand. The metal is widely used in solar panels, green energy solutions, electric vehicles, and advanced technologies. As the global push for renewable energy and sustainable infrastructure accelerates, silver consumption in industrial applications continues to rise steadily.

Market analysts believe that silver prices are likely to remain firm in the near term. With strong investment demand, expanding industrial usage, and limited supply growth, the fundamental outlook for silver remains positive. Any further weakness in global currencies or additional geopolitical or economic uncertainties could provide additional upside to prices.

However, experts also advise investors to remain cautious, as precious metals can be volatile in the short term. Those looking to invest should consider their risk appetite and long-term financial goals.

Silver prices in India have witnessed a powerful rally on December 22, with rates jumping by ₹5,000 per kg in a single session. Trading above ₹2.30 lakh per kg in cities like Chennai and Hyderabad, silver continues to attract strong interest from both investors and industrial buyers.

With demand rising faster than supply and global factors favoring precious metals, silver’s momentum appears strong for now. Buyers and investors should keep a close watch on market trends as the year draws to a close.