Silver Prices in Ahmedabad Jump 30% in January, Smash Through Rs 3 Lakh Mark
Silver prices in Ahmedabad have experienced one of their most dramatic increases in recent memory. Between January 1 and January 19, the price of silver surged by nearly 30%. This sharp rally pushed the precious metal to unprecedented levels.
On Monday, silver crossed the significant psychological barrier of Rs 3 lakh per kilogram in Ahmedabad. It settled at a historic high of Rs 3,02,820 per kg. This represented a massive single-day gain of Rs 27,820 from Saturday's closing price of Rs 2.75 lakh per kg.
Rapid Price Acceleration Defies Expectations
The rally's speed has been remarkable. Starting the year at Rs 2.32 lakh per kg, silver's value climbed sharply in just over two weeks. Contrary to what many might expect, the steep price rise did not scare away buyers. Instead, it attracted more investors hoping for quick returns.
Air cargo data reveals a significant increase in silver imports to Gujarat. From April to December 2025, imports rose 37% year-on-year to 1,064.83 metric tonnes. This compares to 779.85 metric tonnes during the same period the previous year.
Industrial Demand and Shifting Preferences Fuel the Rally
Jigar Soni, president of the Jewellers' Association of Ahmedabad, explained the market dynamics. "With gold becoming increasingly expensive, silver demand has automatically picked up," he said. Soni emphasized that this demand extends beyond traditional bullion and jewelry. Industrial applications now drive nearly 60% of silver consumption.
This strong industrial demand has prompted stockists to build up their inventories. They anticipate further price gains in the coming months. Additionally, demand for 925 silver jewelry has surged. Young working women are particularly interested in daily-wear designs, contributing to the uptick.
Global Factors and the Parallel Gold Rally
Globally, spot silver reached an all-time high of $94.36 per ounce on the Comex exchange. It later eased slightly. Heightened geopolitical tensions and renewed tariff concerns have added volatility to markets. These conditions typically boost demand for precious metals as safe-haven assets.
Gold has mirrored this bullish trend. On Monday, gold touched a record Rs 1.49 lakh per 10 grams in Ahmedabad. This was an increase of Rs 2,200 from the previous session. Analysts point to a combination of safe-haven investment flows and sustained industrial consumption from sectors like electronics and manufacturing.
Haresh Acharya, director at the India Bullion and Jewellers' Association, noted the shift in investor preference. "With gold at record levels, silver has emerged as a preferred alternative due to its relatively lower entry cost and higher return potential," he stated.
Key Figures Highlighting the Surge
Returns on Investment (Rs/kg):
- January 1: Rs 2.32 Lakh
- January 19: Rs 3.02 Lakh
- Percentage Change: 30%
Imports to Gujarat (April–December in Metric Tonnes):
- 2024: 779.8 MT
- 2025: 1,064.8 MT
- Percentage Change: 37%
The silver market in Ahmedabad is witnessing a historic moment. Driven by robust industrial needs and strong investor appetite, prices have shattered previous records. This trend underscores silver's growing importance both as an industrial commodity and an investment vehicle.
