Silver prices vaulted above ₹2,00,000 per kilogram in Chennai, propelled by festive demand and a global precious-metals rally. Dealers reported stretched physical premiums and sporadic supply constraints as retail interest rose. Some jewellers paused new large orders to manage inventory risk. While industrial demand offers structural support, analysts warn that volatility can be sharp following parabolic spikes. Traders will watch import flows, global price action, and rupee moves to gauge whether elevated levels hold through the festival period.