Silver powers ahead gold, platinum in bullion rally; $80–$90 next test, $100 seen early in 2026

Silver has cemented its position as the standout performer in the bullion complex, surging to fresh record highs across global and domestic markets. On COMEX, silver climbed to an all-time high of $79.70 per ounce on the March 2026 contract, marking a staggering rise of nearly 190% from its 52-week low of $27.545 per ounce. The rally has been equally dramatic in India, with silver prices on the Multi Commodity Exchange (MCX) touching a new peak of Rs 2,39,397 per kg on Friday.

Silver is on course for its strongest annual performance since 1979, supported by a broad rally across precious metals. This uptrend has been fuelled by sustained central bank buying and steady inflows into exchange-traded funds, which have lifted overall investor sentiment. Silver has also gained from robust industrial demand, reinforcing its price momentum. The metal remains vital to global supply chains, with wide applications in electronics, solar power systems and specialised medical coatings.

Market participants attribute this sharp upswing to a structural shift in silver’s demand–supply dynamics. Unlike earlier cyclical rallies, the current move is being driven by sustained investment interest alongside a surge in industrial consumption. This combination has tightened supplies and lifted silver into a new price regime. Several analysts believe this structural imbalance could push prices towards the $100-per-ounce mark in the short to medium term.

Silver has emerged as the consensus outperformer among precious metals, benefiting both from gold’s strength and its own expanding industrial relevance. Aksha Kamboj, Vice President of the India Bullion & Jewellers Association (IBJA) and Executive Chairperson of Aspect Global Ventures, noted that silver has remained firmly above the ₹2 lakh level, supported by strong upward momentum. She highlighted that silver is gaining from gold’s bullish trend while also attracting demand linked to clean energy, manufacturing and technology themes. Despite rising volatility at elevated price levels, investor conviction remains strong, keeping the broader market sentiment optimistic.

Adding to the bullish case, Tarun Satsangi, Director at Armany, pointed out that silver is witnessing its strongest rally since 1979. He flagged a deepening global supply deficit—estimated at around 200 million ounces in 2025 and projected to widen to 280–300 million ounces in 2026. This would mark the sixth consecutive year of supply shortages, driven largely by growing usage in solar panels, electric vehicles and power infrastructure.

According to V K Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, silver stands out for its extensive industrial use, particularly in sunrise sectors such as electric vehicles, renewable energy and electronics manufacturing. Rapid growth in these industries has sharply increased demand, while limited supply has pushed prices higher. Although some profit-booking may occur, he expects silver prices to remain resilient.

From a technical perspective, Ankit Kapoor, Founder of Commodities Samachar Securities, said silver’s decisive move above long-term resistance levels signals a rare multi-decade breakout. He sees prices reaching $90–$100 in the medium term, with longer-term targets extending to $150–$180 by 2030–2032.

Ponmudi R, CEO of Enrich Money, echoed the bullish outlook, noting that silver is delivering one of its strongest annual performances in decades. He said the rally is being fuelled by safe-haven demand, accelerating industrial consumption and persistent supply tightness. A clean breakout above the Rs 2,32,000–Rs 2,35,000 range on MCX has opened the door for further upside towards Rs 2,40,000–Rs 2,50,000 per kg, reinforcing silver’s leadership in the current commodities cycle.