Silver prices havesurged to fresh record highs, crossing the $80 per ounce mark in global markets, making the metal one of the strongest-performing assets this year and comfortably ahead of gold.
The rally has been swift. In overseas markets, spot silver jumped nearly 4% to around $82 per ounce after touching an all-time high above $83 earlier in the session. Silver is now up more than 180% so far this year, driven by strong industrial demand, tight supply conditions and rising investor interest.
Market experts say silver’s sharp rise is being driven by a powerful combination of factors rather than a single trigger.
Ponmudi R, CEO of Enrich Money, says silver is dominating the precious metals space in this cycle. “Silver has significantly outperformed gold. The rally is being driven by accelerating industrial usage, safe haven demand and persistent structural supply deficits,” he said.
Unlike gold, silver has a dual role. It is both a precious metal and a critical industrial input. Demand from solar panels, electronics, electric vehicles and battery technologies has risen sharply, while global inventories remain low.
Silver being added to the US list of critical minerals has also strengthened long term demand expectations.
A weaker US dollar and expectations of interest rate cuts next year have further supported silver prices, as non yielding assets typically benefit in a lower rate environment.
From a technical perspective, the momentum remains firmly positive.
Ponmudi said COMEX silver has recently posted fresh all time highs near $82.67 and is currently trading around the $80 to $81 zone. “The bullish structure remains intact. Upside potential now points towards the $84 to $87 zone, while strong support lies between $75 and $72,” he said, adding that silver is on track for one of its strongest annual performances in decades.
Other precious metals have shown mixed trends. Gold is hovering near record levels but has gained a comparatively modest 72% so far this year, while platinum and palladium have seen some profit booking after recent highs.
The surge in global prices has quickly fed into domestic markets.
Silver rates across major Indian cities have jumped sharply. In Chennai, Hyderabad and Kerala, silver is trading at around Rs 2,73,900 per kg, among the highest in the country. In Mumbai, Delhi, Kolkata, Bangalore and other metros, prices are lower at about Rs 2,50,900 per kg, with differences largely due to local taxes, transport costs and demand patterns.
On the futures side, MCX silver is hovering near record levels around Rs 2,54,000.
According to Ponmudi, the long term trend on MCX remains bullish as long as prices stay above Rs 2,50,000. Any corrective move is likely to find support in the Rs 2,40,000 to Rs 2,35,000 zone.
“A decisive breakout above Rs 2,55,000 could trigger the next leg of the rally, targeting Rs 2,60,000 to Rs 2,75,000 over the medium term,” he said, adding that the trend continues to favour accumulation on dips.
That is where investors need to be careful.
Silver is known for sharp price swings and tends to be more volatile than gold. After such a strong run, experts advise against chasing prices at record highs.
For long-term investors, silver can still play a role as a portfolio diversifier, especially given its growing industrial relevance. However, staggered buying or accumulation during corrections may be a more prudent approach.
For now, silver remains firmly in focus as both an industrial metal and an investment asset. With supply still tight and demand holding firm, prices are likely to stay volatile, and Indian buyers may continue to face elevated rates in the near term.
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