Silver shines at record Rs 1.1 lakh per kg in Ahmedabad
Bullion traders attribute the surge to heightened uncertainties in international markets, including conflicts in Europe and West Asia, alongside growing silver consumption in sectors such as electronics, solar energy, and electric vehicles.
"Silver is increasingly seen as a hedge in uncertain times, similar to gold. At the same time, demand from industries is pushing prices up steadily," said Haresh Acharya, director of India Bullion and Jewellers' Association (IBJA).
"However, the rally has left jewellers concerned, particularly with the festive season around the corner. With Rakshabandhan approaching, silver coins and gift articles typically witness a spike in demand, but the steep prices may dampen consumer sentiment," he added.
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While investors may see silver as a safe bet, retail buyers are likely to turn cautious. If prices continue to climb, jewellers fear that demand for silver jewellery, bars, and gift items may remain subdued in the upcoming festive months.
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