Prices of the metal, traditionally seen as a safe store of wealth, surged to record levels above $2,000 an ounce early in the coronavirus crisis but sagged as economies reopened.
The price of 10 gram 24 karat also increased by Rs 515 and was traded at Rs 92,850 against its sale at Rs 92,335 whereas the prices of ten gram 22 Karat gold rose to Rs 85,112 from Rs 84,640.
Silver is used in the manufacturing of goods from solar panels to consumer electronics, and is also bought by investors who traditionally see it as a safe store of wealth.
All demand segments except for exchange traded funds (ETFs), which store silver for investors, will use more this year, and even ETFs will buy far more than was typical before the pandemic, the report said.
Since mid last week, thousands of Reddit posts and hundreds of YouTube videos have encouraged small investors to buy silver, partly in the belief that lifting its physical price could hurt large investors who had made paper bets that it would fall.