While gold has had its share of headlines, silver has stolen the spotlight yet again, surging to an all-time high of Rs 2,14,583 per kilogram on the Multi Commodity Exchange (MCX), in what could be classified as one of its most memorable annual performances in recent history.
With just two weeks left in 2025, investors and traders alike are watching closely, as silver’s dramatic ascent now has analysts eyeing the Rs 2,25,000 mark as a real possibility before the year ends.
This spectacular rally isn’t just a number on the ticker — it reflects a powerful storm of global and domestic forces colliding: persistent supply shortages, explosive demand from sectors like solar and electric vehicles, record-breaking overseas prices, and a surge in Indian imports.
Add to that a volatile geopolitical backdrop, softening U.S. inflation, and whispers of more interest rate cuts ahead, and you get the perfect storm fuelling silver’s unstoppable momentum.
With its 125% year-to-date return, which far outpaces its yellow cousin, the white metal is now at the centre of a global economic narrative, and India, one of the largest consumers of silver, is right in the thick of it.
According to Jigar Trivedi, Senior Research Analyst – Currencies & Commodities, Reliance Securities, the rally is being supported by “strong central bank buying and sustained ETF inflows”.
He added that gold prices climbed to an all-time high of $4,380 per ounce on Monday, driven by expectations of further US interest rate cuts and escalating geopolitical tensions, which have helped lift silver as well.
He sees silver further gaining on global cues. Trivedi pegs the year-end silver target at Rs 2,25,000.
Contributing to the bullish sentiment, Tata Mutual Fund noted, “Silver prices have surged to record highs in international markets, driven by a physical metal shortage, booming solar industry demand, strong Indian imports, and sustained inflows into silver ETFs”.
On the supply side, disruptions are also playing a role. The U.S. has recently designated silver as a “critical mineral”, while China—one of the largest exporters—has imposed export restrictions, adding further strain to the global supply chain.
Ponmudi R, CEO of Enrich Money, stated that silver continues to outperform within the precious metals space, highlighting that COMEX silver recently surged past $69.3 per ounce to register fresh all-time highs.
“Tight supply conditions and strong industrial demand continue to underpin the long-term bullish cycle,” he explained, adding that a decisive breakout above the Rs 2,15,000–Rs 2,20,000 range could trigger fresh highs.
“Silver’s strength is being driven by rising industrial demand from solar power, electric vehicles, and electronics, combined with persistent global supply deficits,” said Ponmudi. He noted that investor participation has increased, with silver offering leveraged exposure to the broader precious-metals cycle.