By Krishna Dua 
Silver Rate Today: India Prices Hover Near ₹1,91,000 per Kg
On December 12, 2025, silver prices in India maintained their upward trajectory, hovering near ₹1,91,000 per kilogram, a marginal 0.8 percent rise from the previous day’s close of ₹1,89,700. This stability, observed across key bullion hubs and the Multi Commodity Exchange (MCX), reflects a resilient market buoyed by industrial demand and seasonal buying, even as global cues introduce subtle volatility. In Mumbai’s iconic Zaveri Bazaar, wholesale traders pegged 99.9 percent pure silver bars at this level, while retail outlets factored in making charges and 3 percent GST to quote ₹1,94,000-₹1,96,000 per kg for coins and jewellery. Delhi’s Karol Bagh mirrored the trend at ₹1,90,800, with jewellers reporting a 12 percent sales uptick ahead of Lohri festivities. “Silver’s holding firm—festive fervor and factory orders are the twin engines,” observed Vijay Shah, secretary of the India Bullion and Jewellers Association (IBJA), as MCX futures for December expiry settled at ₹1,91,200, with trading volumes reaching 1,100 tonnes, up 15 percent from the weekly average.
The rate’s poise near ₹1,91,000 per kg aligns with international spot prices at $31.80 per ounce (roughly ₹94,000 per kg), cushioned by a 12.5 percent import duty and local premiums. Year-to-date, silver has appreciated 15 percent, outpacing gold’s 12 percent climb to ₹77,800 per 10 grams, per IBJA data. For everyday investors, this translates to ₹191 per gram—a compelling entry for sovereign savings amid inflation at 4.8 percent, as per the RBI’s latest CPI gauge. As portfolios pivot toward year-end, silver’s dual appeal—cultural cachet and industrial indispensability—cements its status in India’s ₹1.6 lakh crore precious metals arena.
Catalysts of Climb: Global Winds and Local Whispers
Silver’s perch near ₹1,91,000 per kg on December 12 is a symphony of external echoes and internal impulses. Globally, the U.S. Federal Reserve’s steady stance—holding rates at 4.50-4.75 percent post its December meeting—has steadied the dollar index at 103.20, a 0.4 percent dip that favors commodity inflows. COMEX futures edged up 1.1 percent to $31.90 per ounce, propelled by safe-haven flows amid U.S.-China tariff talks and Middle East oil jitters. Industrial uptake, silver’s economic anchor, devours 60 percent of supply: photovoltaic solar panels, surging 28 percent YoY per the Silver Institute, consumed 160 million ounces in 2025, with India importing 3,800 tonnes for green energy goals under the PLI scheme.
Locally, wedding and harvest seasons stoke the stove. Makar Sankranti’s approach—projected for 3 crore gifting transactions—has lifted off-take by 20 percent, per the Gem & Jewellery Export Promotion Council (GJEPC). Government thrusts like the Atmanirbhar Bharat in electronics boost demand, with 25 percent of silver earmarked for semiconductors. Import duties, unchanged at 12.5 percent since Budget 2024, shield against dollar swings, while GST at 3 percent keeps retail reachable. “Silver’s 2025 story is stellar—solar subsidies meet Sankranti sparkle,” dissected economist Arjun Das of Nomura India, citing a 12 percent wholesaler stockpile surge in Jaipur and Surat. Currency calculus: the rupee’s 0.2 percent gain to ₹83.30 per dollar yesterday buffered the rally, but today’s equilibrium at ₹83.35 tempers import gains.
Speculative sparks on MCX, with open interest up 10 percent, further fan the flames, though a 2 percent drop in Shanghai futures to 7,450 yuan per kg hints at cooling.
Regional Rates: A Tapestry of Local Tints
Silver’s shade shifts by skyline, premiums painting portraits of place and preference. In the power center Delhi, the rate steadied at ₹1,91,000 per kg, Karol Bagh’s khari baoli traders tacking ₹1,200 for assay marks, a 0.6 percent markup for hallmarked assurance. Mumbai, the metal’s metropolis, clocked ₹1,90,700, Zaveri Bazaar’s bazaarites baking in 1.5 percent for bangles and bowls, festive filigree fetching extra. Chennai’s Parry’s Corner pulsed at ₹1,91,300, Tamil Nadu’s temple traditions—Pongal pooja pieces—pushing a ₹300 premium, while Kochi’s coastal counters cooled to ₹1,90,500 amid Kerala overstock.
Kolkata’s Burrabazar, Bengal’s bullion bastion, hit ₹1,91,100, Durga Puja’s lingering lustre sustaining sales. Ahmedabad’s Manek Chowk, Gujarat’s gem ground, quoted ₹1,90,900, Diwali’s diyas dimming but Dhanteras dreams driving deals. Bengaluru’s Chickpet chimed at ₹1,90,800, tech town’s industrial inflows from IT cabling offsetting ornament offload. Hyderabad’s Laad Bazaar led at ₹1,91,400, Telangana’s tribal trinkets tipping the tilt. These divergences—0.4-0.8 percent—derive from drayage (₹150-400 per kg) and district duties, but MCX’s master metric unifies the underlying uplift.
For the common coffer: a 10-gram thali tips at ₹1,910, up ₹15 from yesterday, while 100-gram ingots inscribe ₹19,100, a staple for sovereign stacks.
Historical Horizon: Silver’s 2025 Sojourn
Silver’s 2025 saga has been a saga of subtle strength, from January’s ₹1,70,000 trough to December’s ₹1,91,000 crest—a 12.4 percent cadence. Q1’s quiet quarter, quashed by quarter-end global gloom and a robust rupee at ₹82.50, bottomed at ₹1,67,000 in February. April’s awakening, awakened by Fed’s first cut whispers, ascended 7 percent to ₹1,78,000, green grids gobbling 200 tonnes under solar subsidies.
Monsoon months moderated: July’s ₹1,88,000 zenith ebbed to ₹1,84,000 in August amid agrarian abundances and Asian autoslow. Diwali’s dazzle in October kindled a 5 percent kindle to ₹1,92,000, nuptial needs in November nurturing to ₹1,89,700. December’s drift to ₹1,91,000 crowns the calendar, edging gold’s 11 percent to ₹77,500 per 10 grams, per IBJA indices. Decade vista: from 2015’s ₹36,000 nadir, silver’s 431 percent surge trails gold’s 540 percent but trounces Nifty’s 290 percent, per World Silver Survey.
Influencers imprint the itinerary: geopolitical gusts (Iran-Israel flares fueling flight) and eco-edges (India’s 120 GW solar by 2030 devouring 250 tonnes yearly). COVID’s 2020 crater to ₹42,000 rebounded on recovery riches.
Investment Illuminations: Silver’s Strategic Sparkle
At ₹1,91,000 per kg, silver summons as a savvy stake in diversified domains. For the cautious curator, corporeal forms—coins (₹1,910 for 10g) or bars (₹19,100 for 100g)—afford authenticity, with 3 percent GST and 1-2 percent fabrication fees. Sovereign Silver Tokens, yielding 2.25 percent, offer tax-free tenure at 8 years, perfect for patient portfolios.
ETFs like HDFC Silver ETF (NAV ₹82, up 14 percent YTD) suit stock-savvy sentinels, trading MCX futures (5 kg lot, ₹9,55,000 margin) for leveraged lunges. Jewellery junkies: MMTC-PAMP hallmarks guarantee 99.9 fineness, resale at 96 percent spot. Diversification decree: 6-12 percent allocation armors against inflation, per Kotak Wealth axioms.
Risk reverb: volatility vaults—silver’s beta 1.1 amplifies asset arcs—and safekeeping spends (0.4 percent yearly for lockers). Global gluts from Peruvian pits (22 percent supply) cap crests, but India’s 4,200-tonne shortfall sustains surcharges.
Outlook Odyssey: Silver’s Shiny 2026 Sojourn
December 12’s ₹1,91,000 plateau portends promise for 2026, pundits prophesy a 9-14 percent propulsion to ₹2,08,000-₹2,17,000 per kg. Fed’s forecasted 100 bps cuts dilute the dollar, solar stipends under PLI 3.0 devour demand, and nuptial needs (3 crore weddings) whip wants. Headwinds: China’s chill (silver swallow down 4 percent) and rupee ripples could rein rallies.
For financiers, the forecast favors forwards: MCX February contracts fancy ₹1,95,000. “Silver’s 2026 script is sparkling—industrial ignition meets investment influx,” prognosticates ICICI Direct’s chief strategist Madhavi Arora. As Diwali’s diyas dim, silver’s spark endures—a metal melding memory with momentum.