'Silver story is just beginning': Vedanta's Anil Agarwal as metal hits new high of Rs 2.14 lakh per kg
Silver is unique because it is the only metal that has an intrinsic value and also a functional demand, says Vedanta's Anil Agarwal
- Dec 23, 2025,
- Updated Dec 23, 2025 9:42 PM IST
Vedanta Group chairman Anil Agarwal has hailed silver's exceptional price surge this year, pointing out that the metal's remarkable rise in value is driven by both intrinsic value and functional demand across various industries.
"This year, silver has emerged from the shadow of its precious metal sibling, gold. What a year for silver, with year-to-date appreciation of 125% in dollar terms," Agarwal said on Tuesday. "In comparison, Gold, which also had a very good year, appreciated by 63%, half of silver's returns."
Agarwal explained that silver's growing importance lies in its role as a key component in emerging technologies, such as solar cells and defence systems. "And the silver story is just beginning. It is unique because it is the only metal which has an intrinsic value and also a functional demand."
"New technologies, whether in solar cells or defence, use silver as a key component," he pointed out, adding that as India's sole silver producer through Hindustan Zinc Ltd (HZL), the company has directly witnessed the rising demand for the metal.
He concluded: "Prices will go up and down, but silver's extraordinary shine is here to stay."
On Tuesday, silver prices raced to hit an all-time high of Rs 2,14,500 per kilogramme (inclusive of all taxes) in Delhi, up by Rs 10,400 per kg.
Globally, Peter Schiff, Chief Economist & Global Strategist at Europac, noted that silver reached a record high of $70.45 per ounce. "Silver is trading above $70 for the first time ever. Today's record high, which won't last long, is $70.45. Gold is also trading in record territory above $4,488, having traded within $5 of $4,500 overnight. The most significant thing about this rally is the disaster it portends."
Commenting on silver's rise, Saumil Gandhi, Senior Analyst at HDFC Securities, said, "Investor interest in silver and gold has grown considerably as interest rates are going down in the US, fiscal concerns are growing, and the American economy is becoming more uncertain."
As investment demand for both metals rises, Satish Dondapati, Fund Manager at Kotak Mutual Fund, said the record price reflects "strong industrial demand along with rising investment demand."
Similarly, Renisha Chainani, Head of Research at Augmont, pointed to supply shortages as a major factor driving prices higher. "Mining disruptions and limited current silver inventories are causing severe supply shortfalls," she added.
Vedanta Group chairman Anil Agarwal has hailed silver's exceptional price surge this year, pointing out that the metal's remarkable rise in value is driven by both intrinsic value and functional demand across various industries.
"This year, silver has emerged from the shadow of its precious metal sibling, gold. What a year for silver, with year-to-date appreciation of 125% in dollar terms," Agarwal said on Tuesday. "In comparison, Gold, which also had a very good year, appreciated by 63%, half of silver's returns."
Agarwal explained that silver's growing importance lies in its role as a key component in emerging technologies, such as solar cells and defence systems. "And the silver story is just beginning. It is unique because it is the only metal which has an intrinsic value and also a functional demand."
"New technologies, whether in solar cells or defence, use silver as a key component," he pointed out, adding that as India's sole silver producer through Hindustan Zinc Ltd (HZL), the company has directly witnessed the rising demand for the metal.
He concluded: "Prices will go up and down, but silver's extraordinary shine is here to stay."
On Tuesday, silver prices raced to hit an all-time high of Rs 2,14,500 per kilogramme (inclusive of all taxes) in Delhi, up by Rs 10,400 per kg.
Globally, Peter Schiff, Chief Economist & Global Strategist at Europac, noted that silver reached a record high of $70.45 per ounce. "Silver is trading above $70 for the first time ever. Today's record high, which won't last long, is $70.45. Gold is also trading in record territory above $4,488, having traded within $5 of $4,500 overnight. The most significant thing about this rally is the disaster it portends."
Commenting on silver's rise, Saumil Gandhi, Senior Analyst at HDFC Securities, said, "Investor interest in silver and gold has grown considerably as interest rates are going down in the US, fiscal concerns are growing, and the American economy is becoming more uncertain."
As investment demand for both metals rises, Satish Dondapati, Fund Manager at Kotak Mutual Fund, said the record price reflects "strong industrial demand along with rising investment demand."
Similarly, Renisha Chainani, Head of Research at Augmont, pointed to supply shortages as a major factor driving prices higher. "Mining disruptions and limited current silver inventories are causing severe supply shortfalls," she added.