CHENNAI: Silver recorded a historic surge in Chennai on Saturday, rising by Rs 31 in a single day to reach Rs 285 per gram, while gold also hit a new peak at Rs 13,100 per gram and Rs 1.04 lakh per sovereign.
On January 1, 2025, silver was priced at Rs 98 per gram, and its value has nearly tripled over the year. The metal first crossed Rs 200 in October, touching Rs 206 per gram on October 14, before briefly dropping and then surging again in December. Prices jumped from Rs 196 per gram on December 1 to Rs 285 in 27 days, an increase of Rs 89.
Gold continued its upward trend, from Rs 13,000 per gram on Saturday morning to Rs 13,100 by evening.
“There would be a huge increase for both gold and silver on Monday. Saturday’s rise was only a reflection of what is expected.
Industrial demand is the main driver of this price spike, and prices are likely to climb further next year,” said Jayantilal Challani, president of the Madras Jewellers and Diamond Traders Association.
He said silver is currently in short supply, similar to the situation in October. “Customers are not buying much, but shopkeepers themselves are trying to procure the metal due to the demand. Even silver chains, which were a major export item, are now being restricted. Those holding raw silver will be affected,” he explained.
B Sabarinath, president of the Tamil Nadu Jewellers Federation, said, “Certain unofficial developments in the international market are behind the current rate increase, which has impacted domestic prices. Usually prices do not rise on Saturdays, but this surge has already pushed rates up and they are expected to climb further.”