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New Delhi: Silver has taken investors by surprise in 2025, with domestic prices skyrocketing to Rs 1,34,089 per kilogram, recording a 56 percent year-on-year rise, marking the fastest return in the past decade. Internationally too, prices have touched nearly USD 44 per ounce, signifying that the rally is observed across the world order.
Silver has decisively outperformed gold this year. While gold climbed 49 percent to Rs 1,13,129 per 10 grams, silver’s gains were even sharper. The last comparable rally was in 2020, when silver prices had jumped 44 percent year-on-year to Rs 67,383 per /kg, against gold’s 27.9 percent rise.
Analysts attribute silver’s momentum to surging industrial demand, particularly from renewable energy, electronic equipment, and electric vehicles. In 2024, the standalone share of industrial demand for silver stands at 680.5 million ounces, while total demand rose to 1,164.1 million ounces. With total supply at 1,015.1 million ounces, the market faced a shortage of 148.9 million ounces. China’s adoption of N-type solar cells, which require higher silver content, has been a major growth driver lever for silver.
The supply crunch has sharply reduced available inventories. Stocks that could last 22 months in December 2020 fell to just 13 months by December 2023. Meanwhile, the gold-to-silver ratio stands at 84, signaling silver is relatively undervalued compared to gold, a deciding factor that makes it an attractive investment.
| Year | Silver (Rs./kg) | % Change Silver |
|---|---|---|
| 2016 | 39930 | 19 |
| 2017 | 38425 | -3.8 |
| 2018 | 38245 | -0.5 |
| 2019 | 46665 | 22 |
| 2020 | 67383 | 44.4 |
| 2021 | 61979 | -8 |
| 2022 | 68092 | 9.9 |
| 2023 | 73395 | 7.8 |
| 2024 | 86017 | 17.2 |
| 24-09-25 | 134089 | 55.9 |
As per a Business Standard report citing Nomura, the silver market is set to witness a fifth consecutive year of deficit in 2025. Demand is projected at 1,148.3 million ounces versus a supply of 1,030.6 million ounces, leaving a shortfall of 117.6 million ounces.
Technical analysts caution that silver prices may see short-term corrections, but view them as buying opportunities. The metal’s 45-year-old “cup and handle” pattern combined with solid fundamentals suggests silver may be entering a long-term bull phase
(Disclaimer: This article is only meant to provide information. TV9 Network does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds, gold and crypto assets.)
