Overview

• IBJA data show silver jumped ₹4,950 on Friday to ₹1,64,500 per kg, a new all‑time high, capping a weekly gain of more than ₹15,000.
• Gold stayed elevated after touching a record $4,059 per ounce midweek and is on track for an eighth straight weekly rise, with Indian 24k quotes around ₹12,200–₹12,300 per 10 grams.
• On MCX, December gold settled at ₹1,21,492 per 10 grams and silver at ₹1,46,698 per kg, after MCX silver hit a record ₹1,53,388 on Thursday.
• Analysts cite safe‑haven buying, geopolitical nerves and tight silver supply, with spot silver briefly above $51 and London lease rates spiking to 11% as inventories thin.
• Institutional demand remains strong, with Axis Mutual Fund noting 95 million ounces of global silver ETF inflows in H1 2025 and total holdings near 1.13 billion ounces, while festive‑season buyers weigh digital options that share 3% GST and a 12‑month tax clock against jewellery making charges of 10–20%.