Silver prices in India surged to Rs. 90,000 per kilogram on Monday, posting their highest levels in history as robust industrial demand, particularly from the renewable energy and electronics sectors, combined with safe-haven buying to push the white metal higher.
## Price Performance
Silver prices across major Indian markets:
– MCX Silver: Rs. 90,200/kg (+2.8%)
– Delhi: Rs. 90,500/kg (+2.6%)
– Mumbai: Rs. 90,150/kg (+2.7%)
– COMEX Silver: USD 26.50/oz (+3.1%)
## Industrial Demand Drivers
Strong demand from several industrial applications is supporting silver prices. The solar energy sector continues to be a major consumer, with silver used extensively in photovoltaic cells.
## Electronics Sector
The electronics industry, particularly semiconductor manufacturing, is driving significant silver consumption. 5G infrastructure rollout is adding to demand.
## Investment Demand
Silver ETF holdings globally have risen by 15% in the past month. Indian silver ETFs saw record inflows in December 2025.
## Gold-Silver Ratio
The gold-silver ratio has fallen to 68, below its historical average, indicating silver’s outperformance relative to gold.
## Supply Constraints
Mining production has not kept pace with demand growth. Major producing countries like Mexico and Peru face operational challenges.
## Price Outlook
Analysts expect silver to continue outperforming gold in 2026, with potential to touch Rs. 1,00,000 per kg if industrial demand remains robust.
