Silver prices in Delhi on May 12, 2026 stand at ₹2,90,000 per kilogram, ₹29,000 per 100 grams, and ₹2,900 per 10 grams. The price has jumped ₹15,000 per kilogram from yesterday’s rate of ₹2,75,000 — a single-day increase of 5.45% that reflects the carryover of Monday’s extraordinary global silver rally into Tuesday’s domestic physical market prices across India.
Delhi’s silver rate matches the standard national benchmark shared with Mumbai, Kolkata, Bengaluru, Pune, Vadodara, and Ahmedabad. Chennai, Hyderabad, and Kerala trade at a premium of ₹10,000 per kilogram above this baseline at ₹3,00,000 per kilogram.
What drove silver ₹15,000 higher per kilogram overnight?
The answer begins with Monday’s global silver market. Silver surged more than 7% to a two-month high in the previous session — one of the largest single-day moves the metal has seen in recent months — dramatically outperforming gold and virtually every other asset class. The rally was powered by silver’s distinctive dual demand engine that makes it uniquely reactive to the current geopolitical environment.
Silver is the only major precious metal that simultaneously functions as a safe-haven asset and a critical industrial input. On the safe-haven side, the Middle East war and the Strait of Hormuz disruption have been building geopolitical anxiety for weeks. But the specific trigger for Monday’s surge was President Trump’s declaration that the US-Iran ceasefire was “on massive life support” after rejecting Tehran’s latest peace proposal — a statement that crushed near-term hopes of resolution and sent investors flooding into precious metals for safety. On the industrial side, silver is a non-substitutable component in solar panels, electric vehicles, 5G infrastructure, advanced semiconductors, and medical devices. The same geopolitical event that triggered safe-haven buying also raised concerns about supply chain disruptions to industrial silver supply — activating both demand channels simultaneously.
On Tuesday May 12, silver eased toward $85 per ounce internationally, pulling back from Monday’s two-month high as profit-taking and pre-US-CPI-data caution moderated the momentum. However, the Tuesday easing does not reverse Monday’s gain — it is a partial consolidation of an extraordinary move — and Delhi’s physical market is reflecting the higher price level established on Monday rather than Tuesday’s intraday retreat from the peak.
The rupee’s fresh all-time low of 95.58 against the US dollar provides the second major amplification layer. Since silver is globally priced in dollars and India imports virtually all of its silver requirements — domestic silver mining is negligible — every unit of rupee depreciation raises the effective cost of imported silver. The rupee’s 13%+ depreciation over the past year has added a structural premium to Indian silver prices in rupee terms over and above international price movements.
Delhi’s silver market profile
Delhi and the National Capital Region constitute one of India’s largest and most diverse silver markets, encompassing a wide range of demand segments that are distinct from those driving Mumbai’s or Chennai’s markets.
Chandni Chowk — Old Delhi’s historic commercial heart — is home to one of India’s most concentrated clusters of silver wholesalers, retailers, and artisans. The Dariba Kalan lane within Chandni Chowk, known as Delhi’s jewellery market, has traded silver and gold for centuries and remains a primary reference point for silver pricing across northern India. Silver antiques, silverware, and decorative items from Delhi’s artisan community are sold across India and exported globally, making the capital an important node in India’s silver supply chain.
Delhi’s silver demand spans several distinct segments. The large Punjabi community — both in Delhi proper and across the NCR — has strong traditions of silver gifting at weddings, particularly for household items like silver utensils and decorative pieces. The capital’s significant Jain and Marwari business communities also have deep silver buying traditions tied to religious ceremonies and auspicious occasions. Delhi’s status as a major wedding destination — with destination weddings from across north India frequently held in the capital’s hotels and banquet halls — creates concentrated seasonal silver demand during the wedding season.
The yellow alert backdrop
Delhi is simultaneously under an IMD yellow alert on May 12 for thunderstorms, lightning, and gusty winds of up to 60 kmph tied to a Western Disturbance, with temperatures expected to reach 38-41°C. The weather conditions create a mixed operational backdrop for Delhi’s Chandni Chowk and Karol Bagh silver markets — while the yellow alert may reduce outdoor footfall during storm windows in the afternoon and evening, the psychological weight of silver prices rising ₹15,000 per kilogram overnight is likely to generate significant buyer interest and market activity during the morning trading hours before any weather disruption materialises.
The US CPI data watch
Delhi’s bullion market is watching the US consumer price index data due later on May 12 with particular attention, as it will determine the near-term trajectory of Federal Reserve policy and therefore the dollar’s strength and silver’s international price direction. Headline CPI is expected to come in at 3.7% year-on-year — a hot print that reflects elevated energy costs from the Middle East conflict flowing through into the broader US economy. A hotter-than-expected number would strengthen the dollar and could create short-term pressure on silver prices despite the safe-haven environment. A cooler print would weaken the dollar and potentially extend silver’s rally further.
For Delhi’s physical silver buyers, the practical implication is that silver prices could move meaningfully in either direction over the next 24-48 hours depending on the CPI outcome and any further developments in US-Iran ceasefire talks — making timing decisions particularly consequential for larger purchases.
Delhi’s silver versus gold comparison on May 12
In Delhi on May 12, 24 carat gold is priced at ₹15,413 per gram while silver stands at ₹290 per gram — a gold-silver ratio of approximately 53:1. The ratio has been declining as silver outperforms gold following Monday’s 7% surge, a pattern historically associated with industrial demand expectations rising alongside safe-haven flows. For Delhi’s investors watching both metals, silver is offering stronger near-term price momentum at significantly lower absolute price per gram — making it more accessible to a broader range of buyers even as its percentage volatility is higher than gold’s.
Silver price table for Delhi — May 12, 2026
1 gram: ₹290. 8 grams: ₹2,320. 10 grams: ₹2,900. 100 grams: ₹29,000. 1 kilogram: ₹2,90,000.
Yesterday’s rate: ₹2,75,000 per kilogram. Change: +₹15,000 per kilogram (+5.45%).
Delhi’s rates are identical to Mumbai, Kolkata, Bengaluru, Pune, Vadodara, and Ahmedabad. Chennai, Hyderabad, and Kerala trade at ₹3,00,000 per kilogram — a ₹10,000 premium over the Delhi baseline.
Silver rates are indicative physical market prices as of May 12, 2026, and do not include GST, TCS, or other applicable levies. For exact rates, contact your local bullion dealer or jeweller. This article is for informational purposes only and does not constitute investment advice.