Silver hits all-time high in India; crosses $40 per ounce globally after 14 years

Silver prices in India opened at an all-time high on Monday, September 1. The rates reached ₹1.23 lakh per kilogram, supported by a weaker rupee and strong global cues.

In international markets, silver rose above $40 per ounce for the first time since September 2011. Spot silver gained 1.6% to $40.31 per ounce, driven by robust industrial demand, steady investment inflows, and growing expectations of monetary easing by the US Federal Reserve.

Analysts project the metal could touch ₹2 lakh per kg by 2028 if current trends continue, according to an Economic Times report.

The rally in silver comes alongside global economic uncertainty and currency weakness. The rupee’s fall to an all-time low against the US dollar amplified domestic bullion prices, pushing silver higher than global benchmarks.

Rahul Kalantri, VP Commodities at Mehta Equities, said, “Silver prices surge globally and domestically, fuelled by escalating trade tensions. A weakening rupee adds to the momentum.”

He added that silver has immediate support at ₹1.19 lakh–1.18 lakh per kg and resistance at ₹1.20 lakh–1.21 lakh per kg in the domestic market.

With silver’s breakout above $40 in global trade, investors now await upcoming US non-farm payroll data and the Federal Reserve’s September decision, which could set the next direction for precious metals.

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-With Reuters inputs