Silver has officially gone wild. If you woke up this morning and checked the markets, you probably saw a number that looked like a typo. But it isn't. Today rate of silver in delhi has hit a staggering Rs 2,90,000 per kilogram.
That is not just a high price. It's a historic, record-breaking surge that has left even veteran traders at the Chandni Chowk bullion market rubbing their eyes. Just a week ago, we were talking about silver hovering around the Rs 2.5 lakh mark. Now? We are knocking on the door of Rs 3 lakh.
The ground reality in Delhi today
Walking through the narrow lanes of Dariba Kalan today, the atmosphere is electric. It is Makar Sankranti, a day usually marked by festive buying, but the price boards are updating so fast that jewelers can barely keep up.
Basically, if you are looking to buy a small 10-gram silver coin for a ritual, you're looking at Rs 2,900 today. Compare that to yesterday's rate of Rs 2,750. That’s a Rs 150 jump in 24 hours for a tiny piece of metal. Honestly, it’s a lot to process.
- 1 gram: Rs 290
- 8 grams: Rs 2,320
- 10 grams: Rs 2,900
- 100 grams: Rs 29,000
- 1 kilogram: Rs 2,90,000
The surge is even more aggressive in the South. While Delhi sits at 2.9 lakh, cities like Chennai and Hyderabad have already crossed Rs 3.07 lakh per kg. Why the gap? It mostly comes down to local taxes and how much stock the big wholesalers are sitting on.
Why is this happening right now?
It's a perfect storm. Or maybe a "super-cycle," as the folks at Motilal Oswal are calling it. They’ve been predicting a target of Rs 3.20 lakh for 2026, and we are already halfway there in the first two weeks of January.
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One big reason is the massive shift in how we use silver. It isn't just for payals and spoons anymore. Silver is the backbone of the "green" revolution. Solar panels need it. Electric vehicles (EVs) need it. Even the chips powering the latest AI models require silver’s conductivity.
The China Factor
China recently implemented a strict licensing system for processed silver. Since they process about 60-70% of the world's supply, any hiccup in their exports sends shockwaves straight to Delhi's markets.
Geopolitical Heat
Then there’s the global mess. With escalating tensions in Iran and uncertainty surrounding the US Federal Reserve's next move, investors are running toward "safe havens." When people get scared, they buy gold and silver.
The "Poor Man's Gold" isn't so poor anymore
For decades, silver was the affordable alternative. If you couldn't buy a gold chain, you bought a silver one. But with silver outperforming almost every other asset class in 2025—rising nearly 170%—it has become a serious investment vehicle.
"We are seeing a structural deficit for the fifth year in a row," says Saumil Gandhi, a Senior Analyst at HDFC.
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What that means in plain English: We are using more silver than we are digging out of the ground. Mines aren't keeping up. Recycling isn't enough. When demand stays high and supply stays low, prices do exactly what they are doing today.
What most people get wrong about silver
A lot of folks think silver prices are just a reflection of gold. While they usually move together, silver is far more volatile. It’s like gold’s caffeinated younger cousin.
On January 8th, silver plunged by Rs 10,000 in a single day. People panicked. They thought the bubble had burst. But look at us now, six days later, and it has rebounded by over Rs 40,000. If you have a weak heart, silver trading is probably not for you.
Another misconception is that the "spot price" you see on the news is what you pay at the shop. In Delhi, you have to account for:
- GST: A flat 3% tax on the value.
- Making Charges: This can add 5% to 20% if you're buying jewelry.
- Hallmarking: Small fees to ensure the 999 or 925 purity.
Is it too late to buy?
If you're asking if you should buy silver at Rs 2.9 lakh, the answer depends on your timeline.
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Experts like Prithviraj Kothari, President of the India Bullion and Jewellers Association (IBJA), suggest that while we might see "profit booking" (a fancy term for a price dip when people sell to take their cash), the long-term trend is still pointing up. Some aggressive targets even suggest $100 per ounce on the international market, which would send Delhi rates into another orbit.
However, HSBC has issued a bit of a warning. They think the first half of 2026 will stay hot, but we might see a "cool down" in the second half as supply from mines increases and industrial demand stabilizes.
Your next steps for silver in Delhi
If you are planning to buy or invest today, don't just walk into the first shop you see.
Check the IBJA rates first. They are the gold standard for daily pricing in India. Also, always insist on a proper tax invoice. With silver at these prices, the "kachcha" bill is a massive risk you don't want to take.
If you are an investor, consider Silver ETFs or Digital Silver. You get the price benefit without the headache of storing heavy bricks in your locker or worrying about locker theft at home.
For those buying jewelry, look for the BIS Hallmark. It’s the only way to be sure that your "Chandi" is actually silver and not some polished alloy.
Prices are moving fast. If you're looking for a dip, history suggests waiting for a 5-8% correction, but in this market, that dip might only last for a few hours. Keep a close eye on the MCX (Multi Commodity Exchange) live feed if you're serious about timing your purchase.