Silver has delivered a sharp and outsized rally since Akshaya Tritiya 2025, emerging as one of the best-performing commodities over the past year while also becoming significantly less affordable for buyers this festive season. On Akshaya Tritiya last year (April 30, 2025), silver prices were hovering around ₹96,700–₹97,100 per kg across major Indian cities. As of April 10, 2026, silver is trading at approximately ₹2,41,533 per kg, after briefly touching highs near ₹2.77 lakh earlier this month.

Nearly 150% return in one year

The price movement translates into a sharp jump in returns:

April 2025: ~₹97,000 per kg
April 2026: ~₹2,41,500 per kg

> Absolute increase: ~₹1,44,500 per kg
> Percentage gain: ~149%

This implies that an investor who purchased silver during Akshaya Tritiya 2025 would have seen their investment grow nearly 2.5 times in just one year, highlighting the metal’s high-beta nature compared to gold.

₹1 lakh buys much less silver now

The rally has also significantly reduced purchasing power for buyers this year.

In April 2025 (~₹97,000/kg):
₹1 lakh could buy around 1.03 kg of silver
In April 2026 (~₹2,41,500/kg):
The same ₹1 lakh fetches only ~0.41 kg

> This means buyers can now purchase nearly 60% less silver compared to last Akshaya Tritiya.

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Volatility remains elevated

Despite the strong uptrend, silver prices have been highly volatile in 2026.

April high: ₹2,77,000 per kg
April low: ₹2,66,900 per kg

Prices have recently moderated due to factors such as a strengthening US dollar and evolving geopolitical developments, particularly in West Asia.

What is driving the surge

The sharp rally in silver prices over the past year has been supported by a combination of macroeconomic and structural factors:

Weakening rupee, which increases import costs
Strong global investment demand amid uncertainty
Rising industrial usage, especially in solar panels, electric vehicles, and electronics
Silver’s dual role as both a safe-haven and industrial metal

Notably, silver prices even crossed ₹3 lakh per kg in early 2026, marking a historic milestone and reinforcing bullish sentiment in the commodity.

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Festive demand meets high prices

Akshaya Tritiya remains one of the most auspicious occasions in India for buying precious metals, including silver. Traditionally associated with prosperity and wealth creation, silver continues to see strong retail demand in the form of coins, bars, and utensils. However, the steep price rise this year could influence buying behaviour, with some investors potentially opting for smaller quantities or staggered purchases.

Outlook

The past year underscores silver’s potential to deliver strong returns, but also highlights its inherent volatility. While the long-term outlook remains supported by industrial demand and macro trends, the sharp run-up in prices suggests that investors may need to adopt a disciplined, phased investment strategy rather than making lump-sum purchases at elevated levels.

Published on: Apr 11, 2026 6:25 AM IST