Silver delivered a glittering rally on Monday, scaling a life time high, lifted by strong demand for the precious metal and global rally. Silver futures touched record high of Rs 2,14,534 per kilogram on the Multi-Commodity Exchange (MCX) in what is being seen as one of its strongest annual performances in recent years. Spot silver also gained 2.2% hitting a record high of $68.65 per ounce.With just two weeks remaining in 2025, market participants are closely tracking the momentum, as analysts increasingly see the Rs 2,25,000 level as a realistic target before the year ends.According to Jigar Trivedi, senior research analyst at Reliance Securities, the rally is being supported by “strong central bank buying and sustained ETF inflows”. He added that gold prices also rose to a record $4,380 per ounce on Monday, fuelled by expectations of further US interest rate cuts and rising geopolitical tensions, which have provided additional support to silver prices. Trivedi further told ET that the white metal could continue to gain on global cues and pegged the year-end target at Rs 2,25,000.Tata Mutual Fund, reffering to silver’s momentum, said, “prices have surged to record highs in international markets, driven by a physical metal shortage, booming solar industry demand, strong Indian imports, and sustained inflows into silver ETFs”. The expert further told ET that supply disruptions are playing a major role behind the rally. The white metal recently received the designation of “critical mineral”, from the US. At the same time, China—one of the largest silver exporters—imposed export restrictions, further pressurising the global supply chain.Ponmudi R, CEO of Enrich Money, said that silver continues to outperform within the precious metals segment, noting that COMEX silver has also surged to register fresh all-time highs. “Silver’s strength is being driven by rising industrial demand from solar power, electric vehicles, and electronics, combined with persistent global supply deficits,” Ponmudi said.He added that investor participation has picked up, with silver offering leveraged exposure to the broader precious metals cycle.
