Silver prices breaking barriers: Next Rs 1.5 lakh/kg the next stop for white metal?
With the rally in motion, analysts are eyeing the next visible target of Rs 1,50,000, underpinned by structural factors that are expected to keep silver buoyant in the near term.
The rally has not been limited to safe-haven demand. Silver’s growing role as an industrial metal, particularly in solar panels, electric vehicle batteries, 5G networks, and medical devices, is adding significant support to prices.
On the supply side, constraints remain tight, with global demand outpacing supply for four consecutive years. Deficits of 148.9 million ounces in 2024 and a further 117.6 million ounces projected in 2025 have reinforced the bullish sentiment.
Jahol Prajapati, Research Analyst at SAMCO Securities, noted that, “We had recommended Silver on 20th Feb 2025 when the price was around Rs 97,000, with a target of Rs 1,17,000 in our Samshot. That target has now been successfully achieved, silver futures on MCX recently touched Rs 1,25,000/kg, in sync with global momentum. The next visible target on the charts stands at Rs 1,50,000, and the reasons behind this trajectory are structural.”
Prajapati added that, “Silver’s rally is not only about safe-haven demand — it is being redefined as an industrial powerhouse. In August 2025, the US officially added silver to its Critical Minerals List, recognizing its central role in solar panels, EV batteries, 5G networks, and medical devices.”He also highlighted tightening supply and institutional flows, pointing out that “Global demand has outpaced supply for four straight years, with a 148.9-million-ounce deficit in 2024 and another 117.6-million-ounce shortfall expected in 2025.”Analysts tracking the market said silver’s rally has been fueled by both global cues and domestic factors.
According to a previous interaction with ETMarkets, Manoj Kumar Jain of Prithivifinmart Commodity Research had said, “Overall long-term trend is super bullish for silver and prices are likely to test $50 by the end of 2026 and $65 by the end of 2028. In Indian rupees, prices are likely to test rupees 1,60,000 by the end of 2026 and rupees 2,00,000 per kilogram by the end of 2028.”
Echoing similar optimism, Jigar Trivedi, Senior Research Analyst – Currencies & Commodities at Reliance Securities, had stated that, “silver remains on track for healthy monthly gains.”
Trivedi projected milestones both in the short and long term, stating that, “Silver traded around $38.8/oz and was on track to gain about 6% in August… For the long term, the prices can surge up to Rs 1,40,000/kg (by summer 2026).”
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