Silver price outlook: Will the white metal surge more after its 70% rally? Here's what experts say

Silver, which has shown impressive gains this year, could further climb to $60 an ounce over the upcoming year, reflecting a 20% rise.

According to Emkay Wealth Management , the advisory arm of Emkay Global Financial Services, the outlook is supported by strong industrial demand and a persistent 20% supply deficit, that is expected to continue.

Investors have already seen sharp returns this year, with the white metal gaining 90%. On the international market, silver is steady around $49 per ounce, near record highs, as global uncertainties boost its appeal as a safe-haven asset.

Meanwhile, Comex silver has jumped about 70% year-to-date, and MCX Silver has risen roughly 71%.

Gold has also outperformed, rising 61.82% so far this year. This far exceeds returns from Indian equities, which grew 4.2% (Nifty 500 TRI), and bonds, up 8.4% on the Crisil Short Term Bond Index, ET reported.

“Increased preference for gold over the U.S. dollar by institutional investors and central banks lies at the heart of the appreciation in precious metals,” said Ashish Ranawade, head of products at Emkay Wealth Management.

“Demand-supply dynamics are favorable for silver, which is technically near a breakout zone for all-time high prices.”

As for equity market, Emkay Wealth noted that Indian stock valuations remain high. The Nifty 100 trades at 21.8 times earnings, the Nifty Midcap 150 at 33.6, the Nifty Smallcap 250 at 30.43, and the Nifty Microcap 250 at 28.88. Yet, domestic investors continue to pour money into stocks.

“Structurally, India is expected to be an outlier in the global economic landscape,” said Dr Joseph Thomas, Head of Research at Emkay Wealth Management. “A spate of IPOs has widened the market beyond what indices capture. Stock-specific opportunities remain abundant, and we expect PMS, AIF, and active fund managers to perform well,” ET cited Thomas.

Emkay highlighted India’s growth strengths, including a large, high-growth market, digital leadership, infrastructure development, reform momentum, the China+1 strategy, and balanced geopolitical partnerships.

Amid global challenges from US tariffs and geopolitical tensions, the IMF expects only a small 0.5 percentage point drag on global growth in 2025. For India, growth is forecast at 6.2–6.3% in 2025 and 2026, driven by domestic demand, GST rationalisation, lower interest rates, and higher consumer spending.

India’s economy continues to show resilience, with manufacturing and services PMI reaching 15–17-year highs in August 2025, reflecting strong expansion across sectors.