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Silver prices in the domestic market soared to an all-time high of Rs 1,53,388  on Thursday, marking a historic milestone for the white metal with a 0.45 per cent rise.

In the international market as well, spot silver hit record $ 51 per ounce, reflecting strong global demand and bullish sentiment.

According to data from the Multi Commodity Exchange (MCX), this remarkable jump came after silver was trading around Rs 1,49,924 , before rallying sharply to its new peak.

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"The metal has gained more than 70 per cent this year, outpacing gold which is running around Rs 123677. The white metal is supported by tight supplies and soaring borrowing costs in the London market. Demand from renewable energy sectors such as solar and wind continues to reinforce bullish sentiment, while persistent deficits are expected to sustain the supply-demand imbalance into 2025," said Ajay Kedia, MD, Kedia Commodities.

As the festive season approaches like Dhanteras and Diwali, that is a time when Indians traditionally invest in gold and silver, the demand for precious metals is witnessing a sharp rise. This seasonal buying trend often pushes prices upward in the domestic market.

Another major factor that is driving the white metals' rally is the increasing inflow into Silver Exchange-Traded Funds (ETFs). Many market analysts believe that this surge in ETF investments reflects growing investor confidence in the white metal, which is now showing strong bullish momentum.

Unlike gold, silver demand is surging across various industries, driven by its unique properties and increasing applications. Silver play a crucial role in industries, making of solar panels and electrical equipment due to its high conductivity and thermal properties. Silver's conductivity makes it an essential material in the manufacture of semiconductors, chips, and sensors.

Apart from its demand in industries, its antimicrobial properties make it valuable in medical applications, such as wound dressings, implants, and water purification systems, thus supports medical and healthcare.

Silver ornaments and jewelry are not only a fashion statement but also a store of value and a part of cultural heritage.

Silver is also seen as a safe-haven asset and a hedge against inflation, economic uncertainty, and market volatility. 

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