Gold, Silver rate Today: Silver prices skyrocketed on Wednesday to hit another fresh record high, supported by a supply deficit and rising industrial demand.
As of 9:51 am, silver prices were up 3.3 per cent or Rs 6,527, trading at Rs 2,04,282. Earlier in the session, silver hit an all-time high of Rs 2,05,934. "Gold remains the primary hedge for Indian investors, while silver is increasingly behaving like a leveraged play on both global growth and the energy transition," said Rajkumar Subramanian, Head - Product & Family Office at PL Wealth, to the Press Trust of India. Silver plays a crucial role in industrial demand due to its excellent electrical and thermal conductivity, making it indispensable in electronics, solar panels, batteries, and various medical and industrial applications.
Gold prices remain steady
On the yellow metal side, gold prices were trading flat. As of 9:51 am, gold was slightly down by Rs 230, at Rs 1,34,178.Ravi Deora from Kunvarji Group told ET Now Swadesh, "Yesterday there was some volatility in gold and silver prices, but overall the trend seems positive." He added, "I expect a good recovery from lower levels. Both gold and silver are currently offering buying opportunities."
Rupee hits record low
On the local currency front, the rupee continued its decline on Wednesday, opening at a record low of Rs 91.07 against the US dollar.According to Axis Bank Chief Economist Neelkanth Mishra, the rupee is likely to depreciate further, but there is no need to panic over the movements in the domestic currency, which breached its historic low earlier in the day.
A weaker rupee often strengthens the appeal of precious metals like gold and silver in India, as imports become costlier in local currency. This pushes domestic prices higher, making these metals an effective hedge against currency depreciation and inflation.
Geopolitical factors support gold demand
On the geopolitical front, US President Donald Trump ordered a "blockade" of all sanctioned oil tankers entering and leaving Venezuela on Tuesday.Gold acts as a safe-haven asset and a hedge against geopolitical uncertainty, as investors tend to flock to it during global crises, conflicts, or market instability, preserving wealth when other assets may be volatile.
Check city-wise gold prices (24 carat)
| City Name | Prices/10g (24 carat) |
| Chennai | 1,35,580 |
| Hyderabad | 1,35,540 |
| Mumbai | 1,35,530 |
| Kolkata | 1,35,510 |
| Ahmedabad | 1,35,520 |
| Lucknow | 1,35,680 |
| Chandigarh | 1,35,610 |
| Delhi | 1,35,580 |
| Patna | 1,35,500 |
| Gurgaon | 1,35,670 |
