With Demand Rising and Uncertainty Lingering, Silver’s Next Price Target has Become a Key Talking Point

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Silver prices have surged to an all-time high, riding on the back of gold’s record-breaking rally. Market experts believe momentum, global cues, and investor sentiment will play a key role in determining what comes next.

Silver Rate Today

On the Multi Commodity Exchange (MCX), Silver March futures rose 2.39% to trade at Rs. 2,13,412 per kg around 9:15 am on Monday (December 22, 2025). It touched a fresh lifetime high of Rs. 2,13,844 per kg earlier in the session. 

In the international market, spot silver climbed 2.7% by 03:44 GMT to touch a historic high of $69.23 per ounce. Spot gold gained 1.2% to scale a new record of $4,391.92 per ounce.

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Status of Gold and Platinum

The rally extended to other precious metals as well. Gold prices also remained firm, with MCX Gold February futures up 0.77% at Rs. 1,35,224 per 10 grams.

Platinum jumped 4.1% to $2,054.25, marking its highest level in over 17 years, while palladium advanced 4% to $1,781.32, hitting a near three-year high.

Silver vs Gold

Silver has surged 138% on a year-to-date basis. It has significantly outperformed gold. The sharp rise has been supported by strong investment inflows and ongoing supply constraints. It will continue to tighten the market even as demand remains robust.

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Words from Experts

Kaynat Chainwala, AVP Commodity Research, Kotak Securities, explained: “Investment demand remains robust as silver-backed ETFs continue to attract buying interest, with global holdings on pace for a sixth consecutive week of inflows. Momentum has been further amplified by reports that China plans to restrict silver exports from 2026, a development that could disrupt a key supply source and intensify pressure on the global market.”

Where is Silver Price Heading?

NS Ramaswamy, Head of Commodity & CRM, Ventura, predicted: “Silver could rally to $100 an ounce (approx. Rs. 3lakhs per kg) in 2026. It's poised to play a pivotal next-generation metal role across industries critical to the green energy transition and digital transformation over the coming decade.”

According to Yes Bank: "Silver has delivered a whopping return in CYTD. Like gold, while silver serves as a safe-haven, it has other significant drivers. It is integral to transformational forces such as the AI boom and the data centre build-out, as well as the clean energy transition and applications, including photovoltaics and EVs. Silver also plays a critical role in defence programs amid rising military spending. Thus, silver demand is expected to stay strong in 2026 alongside a rise in retail investment demand. 

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“A severe supply squeeze that started in October can therefore continue to pinch global markets while the US government designated silver a critical mineral, adding strategic importance to the metal. Chinese inventories have also dropped to decade lows and are aiding the silver price surge," the YES Bank statement added.

Final Thoughts

The milestone has put the spotlight on silver’s future trajectory amid volatile global market conditions. Experts also cautioned traders that spectacular rallies can be followed by large declines, too. Investors are now assessing whether the rally has more room to run or faces near-term resistance.