Ahmedabad Cover Story
Silver prices hit Rs 1.67 lakh a kg; buyers offer
Rs 3,000 premium but metal remains out of stock; traders stop phone bookings
Gold glitters, silver sizzles ahead of Pushya Nakshatra
As the Diwali approaches, Ahmedabad’s traditional rush to buy gold and silver during the auspicious Pushya Nakshatra has taken an unexpected turn this year — silver has all but vanished from the market.
Just two days before Pushya Nakshatra, traders say the city’s silver stock has dried up. Prices have skyrocketed to Rs 1.67 lakh per kilogram, and buyers are reportedly willing to pay an additional Rs 3,000 premium — bringing the effective price to Rs 1.70 lakh — yet the metal remains unavailable.
Surge in demand amid supply shortage
The demand for silver in Ahmedabad’s bullion market has soared so sharply that traders have stopped accepting phone bookings altogether. Deals are now being confirmed only after full advance payment. At Manek Chowk, the city’s traditional bullion hub, traders are worried about the acute shortage that has left even regular buyers empty-handed.
Prices of silver have almost doubled in the past year, drawing investors towards the metal as a preferred investment. The relentless demand, coupled with inadequate supply, has led to a situation where silver has virtually disappeared from circulation in the local market.
Bullion traders report that gold is currently priced at Rs 1.27 lakh per 10 grams, while silver stands at Rs 1.67 lakh per kilogram. Interestingly, buyers seem far more eager to invest in silver than in gold this season.
For Pushya Nakshatra, advance bookings have already begun, but only on one condition — traders will accept orders strictly against 100% advance payment. In fact, messages are being circulated across bullion circles instructing dealers to take orders only up to the limit of their existing stock, ensuring they don’t commit beyond their capacity to deliver.