Silver prices in India surged to all-time highs this week, with futures climbing ₹2,135 (1.88%) to ₹1,15,136 per kilogram, and physical rates rising approximately ₹5,000 to touch ₹1.15 lakh/kg on the MCX .

Global economic uncertainty - stemming from rising trade tensions, a weakening US dollar, and dovish expectations from the Federal Reserve - has spurred safe-haven demand, driving investors toward precious metals . Meanwhile, supply constraints and booming industrial demand - especially in solar, electronics, and electric vehicles - are tightening inventories .

Silver’s performance has surpassed gold this year, with a remarkable 21% gain in the past three months, compared to gold’s ~5% . Retail and institutional investors are shifting toward silver; silver ETFs saw record inflows of ₹20 billion in June - more than doubling from May . Imports have also surged, up 431% year-over-year in May.

Analysts forecast potential further upside toward ₹1.17 lakh/kg in pending sessions, though high prices may pressure retail jewellery demand leading into the festive season .