Silver prices in India climbed to a historic high on July 14, touching ₹115 a gram or ₹1.15 lakh a kg — the highest ever seen in the domestic market, according to Goodreturns data.
On the global front, spot silver rose 0.6% to $38.59 an ounce, continuing its upward trend.
Typically, silver follows gold’s movement. But this time, it’s taken the lead — marking a clear divergence from its usual role as gold’s quiet cousin.
According to analysts, the surge is tied to a mix of strong industrial demand and tight global supply. Silver is widely used in solar panels, electronics, and electric vehicles — all of which are seeing a boom. At the same time, investment in silver mining hasn’t kept pace, squeezing the available supply.
“Silver outshined most commodities last week,” said Manav Modi of Motilal Oswal Financial Services, reportedly pointed at out how the metal hovered near $40 on COMEX and set a new bar back home.
Investors seem to be warming up to silver not just as a hedge but as a play on growth. It’s one of the few metals that ticks both boxes — benefiting from industrial boom as well as global uncertainty.
But the rally isn’t a done deal. Much depends on whether the industrial demand continues and mining remains constrained. If either changes, silver’s momentum could ease.
Analysts point to strong industrial demand and tight supply as key drivers. Silver is used heavily in solar panels, electronics, and electric vehicles — all sectors seeing rapid growth. Meanwhile, mining investment hasn’t kept up, adding pressure on availability.
“Silver outshined most commodities last week,” reportedly said Manav Modi of Motilal Oswal Financial Services, noting how it hovered close to $40 on COMEX and broke records at home.
Silver’s recent rally suggests it’s being seen not just as a safe-haven asset, but also as a growth-linked metal. It’s one of the few commodities with both industrial and investment appeal.
Whether this momentum continues will depend on how demand shapes up in the coming months — and whether supply remains constrained. For now, silver has the edge.
