Silver prices break records globally, but India sees a discount
Silver just hit an all-time high of about $93.22 per ounce, surging over the past year as demand from industries and investors soared.
In India though, silver is actually selling at a ₹10,000 per kg discount compared to global rates, with local prices at ₹2.92 lakh per kg.
What's driving the silver surge?
Prices have gained strongly year-to-date (32.45% for the Nippon India Silver ETF as of early Jan 2026), thanks to inventory shortages, China's export controls, central bank buying, and booming demand from solar and electronics industries.
Interestingly, big Chinese manufacturers like Longi and Jinko have started swapping out silver for cheaper metals as prices cross $91.
How's India reacting?
Indian futures (MCX) climbed 5.5%, while Nippon India Silver ETF jumped nearly 6%.
Over the past year, this ETF has returned a massive 225%, easily beating Nifty's returns in the same period.
Silver ETFs are getting popular
Indian investors are piling into silver ETFs—their total assets shot up from ₹15,339.21 crore as of 31 March 2025 to ₹72,907.44 crore as of end-December 2025.
Clearly, more people see silver as a hot investment right now.