Silver bulls show no signs of slowing. Is Rs 1.23 lakh/kg the next target? Analysts predict

Time of India

3 hours ago

Silver
has emerged as one of the top-performing commodities in 2025, with prices on the Multi Commodity Exchange (
MCX
) soaring to an all-time high of Rs 1,06,138/kg in the last week. Buoyed by a mix of
safe-haven
demand, supply disruptions, and booming industrial applications, the white metal continues its upward trajectory, capturing the attention of both investors and analysts alike.
This remarkable
rally
in silver comes amid heightened geopolitical tensions, especially surrounding the Russia-Ukraine conflict, as well as a broader shift toward green technologies that depend heavily on silver inputs.
Given the pace of the surge in the white metal, industry experts suggest that this rally in prices is far from over, with bullish forecasts pointing to levels as high as Rs 1,23,000/kg in the coming months.
Silver's multi-year comeback
Once caught in a decade-long downtrend following its 2011 peak, silver has experienced a structural reversal since 2020. From its March 2020 lows, prices have gained substantially, aided initially by gold's rally and later by its own fundamentals.
Silver's dual role, as both a precious metal and an industrial input, has placed it in a unique position to benefit from economic uncertainty as well as technological advancement.
The recent run-up has been driven by renewed interest from sectors like electric vehicles (EVs), solar panels, and electronics manufacturing— all of which rely heavily on silver for its conductive properties. Moreover, the ongoing conflict in Eastern Europe has led to fears of further supply tightness, with Russia being among the top ten silver-producing nations globally.
Geopolitical and supply-side drivers
Several macroeconomic and geopolitical forces have aligned to bolster
silver prices
. The weakening dollar, trade frictions, and the Federal Reserve's cautious stance on interest rate hikes have enhanced silver's safe-haven appeal.
On the supply side, the global silver market has been running at a deficit for the past five years, which has only been exacerbated by disruptions in other industrial metals like copper.
This backdrop has intensified the focus on silver as both a hedge and a growth asset.
Adding to this momentum, technical chart patterns have indicated a multi-year breakout for silver, reinforcing expectations of a sustained uptrend. The commodity has managed to outperform gold in recent weeks, with analysts suggesting that silver could continue to lead among precious metals through the remainder of 2025.
What do analysts predict for silver prices?
A number of analysts have weighed in on silver's current rally, outlining the structural factors supporting its growth and offering forward-looking price targets. Here's what analysts said:
Naveen Mathur of Anand Rathi Shares and Stock Brokers
'Silver prices hit lifetime highs above Rs 1,05,000 in MCX futures while prices reached almost 13-year highs in international markets above $36/oz in spot. The safe-haven demand persisted due to the Russia-Ukraine front and softening US macro cues. Russia, a top 10 global silver producer, adds supply disruption risks in a market already running a deficit for five years,' said Naveen Mathur, Director – Commodities & Currencies, Anand Rathi Shares and Stock Brokers.
In the long term, he expects silver to continue rising in the range of $38.70–$41.50 per oz internationally, translating to Rs 1,15,000–Rs 1,23,000/kg in MCX futures during 2025—offering a return of nearly 18–20% from current levels.
Robert Kiyosaki, author of Rich Dad Poor Dad
Renowned financial educator and author Robert Kiyosaki, in a public post on his social media platform X, recently reaffirmed his long-standing bullish view on silver.
He emphasized that silver remains 'the best bargain today' and projected that it could double in value, potentially reaching $70/oz this year. Kiyosaki's target implies a substantial upside beyond current international market prices.
Jateen Trivedi of LKP Securities
Jateen Trivedi, VP Research Analyst – Commodity & Currency, LKP Securities, said, 'Silver has seen a structural turnaround since its 2020 lows, driven by safe-haven demand, rising geopolitical tensions, and booming industrial use in clean energy technologies.'
He added that silver has surged nearly 60% over the past two years, with prices rising from Rs 87,000 to Rs 1,04,500 in 2025 alone.
'With continued volatility in global markets and robust demand from sectors like solar and EVs, silver remains poised to test Rs 1,10,000–Rs 1,20,000 this year. The
outlook
stays bullish, favoring a buy-on-dips strategy,' Trivedi noted.
Jigar Trivedi of Reliance Securities
'Amid escalating geopolitical tensions and trade uncertainties, both gold and silver have surged, but silver is emerging as a strong contender. Silver, buoyed by
industrial demand
from EVs and solar, offers higher growth potential despite greater volatility,' said Jigar Trivedi, Senior Research Analyst – Currencies & Commodities at Reliance Securities.
With prices already above Rs 1 lakh/kg, he believes that MCX silver is all set to travel to Rs 1,10,000/kg in a month. Comex silver may appreciate to $36–$37/oz.
'The outlook is positive, and a diversified allocation of 6–8% in gold and 12–15% in silver is advisable,' he added.
Outlook ahead
As silver continues to gain traction across both investment and industrial domains, the outlook for the white metal remains buoyant. With robust institutional backing, long-term supply deficits, and strong chart signals, the metal appears poised for further appreciation in the remainder of the year.
(
Disclaimer
: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)