Silver prices have continued their sharp upward trajectory, rising by thousands of rupees each day and touching Rs 2.74 lakh per kilogram, triggering widespread attention in bullion markets. The latest spike marks a significant milestone, with prices breaking a 46-year record amid sustained global demand and market uncertainties.

Over the past week alone, silver prices have jumped by Rs 48,000. On a single day, prices surged by Rs 20,000, underscoring the pace at which the precious metal is gaining value.

Sharp Rise Over The Past Year

Within a year, silver prices have nearly tripled. At this time last year, silver was priced at Rs 81,412 per kilogram. The current rate of Rs 2.74 lakh reflects an increase of Rs 1.92 lakh within a year. With prices rising at more than double the earlier pace, silver is now approaching the Rs 3 lakh mark.

Reports indicate that the metal has become more than three times costlier over the past year, signalling one of the steepest annual increases in recent decades.

Price Movement In December

As per reports, silver was priced at Rs 2.31 lakh on December 22 and rose by Rs 3,000 the following day. The price further climbed to Rs 2.44 lakh on December 24 and edged up to Rs 2.45 lakh on Christmas. It then increased to Rs 2.54 lakh the next day before finally reaching Rs 2.74 lakh on December 27 and December 28.

Global Demand And Market Factors

Silver is widely used across the globe in batteries, handicrafts and other valuable items. It also plays a crucial role in solar panel manufacturing and is used in nuclear reactors. With rising global demand and limited availability, prices continue to move upward.

Market observers point to ongoing global conflicts, tensions between major countries and tariff impositions by the US government as additional factors influencing the surge. Investors are increasingly viewing gold and silver as safer investment options amid market volatility.

Also Read: Silver prices soar past Rs 2.45 lakh per kg, outpacing gold at record speed

Outlook Remains Firm

Economists suspect that silver prices could rise further in the near term. While a correction is expected at some stage, experts believe a significant price drop is unlikely in the immediate future, given prevailing global conditions and sustained demand.