Extending its record-breaking run, silver prices on the Multi Commodity Exchange (MCX) surged to a fresh all-time high of ₹1,06,065 per kilogram in the evening session on June 6.
The white metal jumped 1.55 percent over the previous close, mirroring firm global cues. With this latest gain, silver has risen nearly 22 percent so far in 2025, narrowing the gap with gold, which has advanced by around 27 percent this year.
Analysts attribute the rally to a combination of supply deficits, strong institutional demand, and continued safe-haven buying amid geopolitical tensions.
“Silver has seen a structural turnaround since its 2020 lows, driven by safe-haven demand during global crises, rising geopolitical tensions, and booming industrial use in clean energy technologies,” said Jateen Trivedi of LKP Securities.
According to Manav Modi of Motilal Oswal Financial Services, silver is regaining investor interest after underperforming against gold.
“The gold/silver ratio reversed from recent highs, marking a low of 94 in Thursday’s session. Silver-backed ETF holdings rose by 2.2 million ounces on Wednesday,” Modi noted.
He added that market participants are now eyeing key US data—particularly the non-farm payroll and unemployment rate figures—due later today. As per a Reuters poll, non-farm payrolls are expected to have increased by 1,30,000 in May, while the unemployment rate is projected to remain steady at 4.2 percent.
Trivedi remains bullish on silver. “Silver has gained nearly 60 percent over the past two years. With persistent global volatility, robust industrial demand from sectors like solar and EVs, and ongoing geopolitical risks such as the Russia-Ukraine conflict, silver remains well-positioned to test ₹1,10,000–₹1,20,000 in 2025,” he said, recommending a buy-on-dips strategy.
On the short-term technical front, Ritesh Kalantari of Mehta Equities said silver faces resistance at $36.22–36.55 and support at $35.55–35.30. In rupee terms, he expects resistance at ₹1,05,850–1,06,750 and support at ₹1,03,560–1,02,750.
(By arrangement with livemint.com)
