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Silver hits record overseas, but India trades at ₹10,000 discount as demand cools
Subscribe to enjoy similar stories. MUMBAI: Even as silver surged to a record high of $93.22, or ₹9,412, an ounce (31.10 grams) in overseas markets, the Indian physical market saw the white metal trading at a discount of ₹10,000 per kg to the landed cost, as demand slowed at historic price levels, trade participants said.
“There is a ₹10,000 per kilo (kg) discount for bars prevailing in the physical market here," said Surendra Mehta, national secretary India Bullion and Jewellers Association (IBJA), whose gold rates are used by the Reserve Bank of India (RBI) to redeem sovereign gold bonds. Against a costing of ₹302,628 per kg, a bullion dealer was selling silver at ₹292,628 in the Mumbai market, Mehta said.
The most active silver futures contract on the MCX rose 5.5% to a record ₹3.03 lakh per kg as of press time, tracking gains in the international market, where prices climbed 5.3% amid tariff tensions between the US and NATO allies over Greenland’s sovereignty. However, the historic rally has tempered demand in India.
India imported 6,785 tonnes of silver in the calendar year through November 2025, against total demand of 7,040 tonnes over the same period, according to independent precious metals research consultancy Metals Focus. “There is a slowdown in demand here which has resulted in a discount even as the prices have climbed to historic highs," confirmed Chirag Sheth, principal consultant (South Asia) at Metals Focus.
Sheth added that his firm’s silver outlook remained “bullish" as long as uncertainty around global tariffs persisted. “The tariff wars have resulted in a dislocation in silver markets, and, unless clarity emerges, tightness in the metal would continue globally and sentiment will remain upbeat," Shah
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21.05 / 10:17
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How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj
Subscribe to enjoy similar stories.Pain is invisible; the sufferer has to make noise for it to be acknowledged, treated or accepted. Mumbai-based artist Koshy Brahmatmaj, 34, lives with chronic endometriosis, a painful condition that afflicts millions of women around the world.
21.05 / 10:17
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UPS
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Even at $5 trillion, Nvidia is underappreciated
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21.05 / 10:17
markets
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
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21.05 / 09:47
markets
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FPIs exit Korea & Taiwan: Is India ready for the flow rotation?
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Forensic audits support corporate-fraud probes and IBC cases but still lack enforceable standards
Subscribe to enjoy similar stories.Forensic audits have gained significance in today’s world of business as they serve as a useful tool for commercial lenders to investigate fraud by borrowers and/or identify other deep-seated financial irregularities. Forensic auditors are also employed by resolution professionals to report on preferential, undervalued, fraudulent and extortionate (‘PUFE’) transactions for adjudication under India’s Insolvency and Bankruptcy Code (IBC). While there is no single universal definition, several globally recognized organizations have provided widely accepted definitions (and norms) of forensic auditing.
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Why Dixon, Syrma and Kaynes are moving beyond smartphones: margin pressure
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