Silver hits Rs 2 lakh mark in Chennai: Festive rush, global rally lift prices to record high; market sees 28% fortnightly jump

Silver prices in Chennai crossed the Rs 2 lakh per kilogram mark on Thursday amid surging festive demand and a strong global rally in precious metals.According to data from Goodreturns, quoted by Economic Times, silver stood at Rs 2,06,000 per kg, or Rs 206 per gram, in the city’s physical market, marking a nearly 28% rise in just over two weeks.

On October 1, the metal was priced at Rs 1,61,000 per kg, meaning prices have jumped by Rs 45,000 since the start of the month.The metal hit its monthly peak of Rs 2,07,000 on October 15 before easing slightly by Rs 1,000 on Thursday.

Festive demand boosts silver trade

With Dhanteras and Diwali around the corner, jewellers in Chennai report heightened interest in silver coins, utensils, and lightweight ornaments, as gold prices remain elevated.

Domestic and global rally

The silver rally in Chennai mirrors broader trends across Indian and global markets, where prices have also crossed Rs 1.9 lakh per kg.Analysts attribute the surge to a mix of robust industrial demand, investor hedging, and a weaker US dollar, alongside expectations of further interest rate cuts by the US Federal Reserve.

Day-wise snapshot (October 16, 2025)

All prices were marginally lower than the previous day, when silver was priced at Rs 07,000 per kg.