Silver Outlook 2026 by Amit Gupta, Kedia Advisory
Silver delivered an exceptional rally in 2025, with prices rising nearly 130%, reaffirming its reputation for sharp, momentum-driven moves. Looking ahead to 2026, the outlook remains positive but far more volatile than gold. The metal carries further upside potential of 20–25%, with MCX prices seen in the Rs.2,45,000–Rs.2,50,000 range and international prices around USD 72.5–74. However, history suggests caution, as silver has a tendency to correct swiftly after steep rallies, as witnessed in 1980 and 2011. Corrections of 28–30% cannot be ruled out, particularly if ETF-driven investment demand weakens amid better opportunities elsewhere. Structurally, this cycle is supported by robust industrial demand from clean energy, solar, data centres, and electrification. Silver’s growing role as a “digital-age metal” strengthens its long-term case, with USD 100 remaining a realistic long-term target if supply constraints persist.
