Ahmedabad: Gold and silver prices surged to record highs in the Ahmedabad market on Saturday, driven by heightened global uncertainty and a renewed rush towards safe-haven assets. Silver crossed the crucial psychological mark of Rs 2.52 lakh per kg in the Ahmedabad bullion market, jumping sharply by Rs 19,000 in a single trading session from Friday’s level of Rs 2.33 lakh per kg. Market participants described the move as one of the steepest single-day gains seen in recent months.Gold, too, continued its upward march, touching a record Rs 1.45 lakh per 10 gram on Saturday, up Rs 2,500 from Friday’s price of Rs 1.425 lakh per 10 gram. Even as prices touched record highs, the demand for silver bullion shot up, and people are buying in huge numbers for investment purposes. However, with the higher degree of volatility in silver prices, some jewellers and bullion traders have stopped sales temporarily due to limited supply and price uncertainty.Manoj Soni, a city-based jeweller, said, “Till a week ago, the demand was barely there. However, ever since the silver price crossed the Rs 2.20 lakh per kg mark, the bullion demand suddenly shot up. Even today, the demand is high. Many jewellers have voluntarily decided not to trade in silver bullion for two days because of the uncertainty around prices. We don’t know how the international market prices will pan out on Monday due to the year-end holidays. Therefore, we’re keeping the trade on halt.”Industry sources confirmed that the B2B trade of silver has temporarily halted since Christmas, especially because of higher volatility in the price of silver and the year-end holidays abroad and uncertainty over trading prices here. Meanwhile, gold purchases are limited to occasions, and people are buying jewellery in exchange for old gold. “About 80% of transactions take place by exchanging old gold for fresh jewellery only, and a majority of wedding jewellery purchases are also being made for 14 and 18 carat gold as the price of gold is increasingly going out of range for many people,” said a city-based jeweller.Market experts attributed the sustained rally to elevated geopolitical risks, concerns over global growth, and expectations of further monetary easing by central banks. With risk appetite remaining fragile, investors are increasingly viewing precious metals as an anchor hedge. “Gold continues to serve as the anchor hedge amid elevated global uncertainty, while silver is emerging as the high-beta outperformer of the current cycle,” said Haresh Acharya, director at India Bullion and Jewellers Association (IBJA).“At present, we are also seeing stress on liquidity, particularly in silver. B2B transactions have temporarily slowed as participants struggle with price discovery amid sharp intraday movements. Market liquidity is thin, and silver is being quoted at a premium of 5-7%, which clearly reflects a lack of confidence in the US dollar and heightened caution among institutional buyers. Volumes remain low, with most players preferring to stay on the sidelines until pricing stabilises. Currency stability and global risk flows will remain key drivers for both metals in the coming weeks.”Acharya added that while gold is benefiting from sustained safe-haven demand and aggressive central-bank accumulation, silver is attracting additional interest due to its dual role as both a precious and industrial metal. “That combination is amplifying price moves in silver, especially during bullish phases,” he said.