Silver rates in India
have shown volatility, currently at ₹249 per gram (₹2,49,000 per kg) as of
January 9, 2026, down from recent highs amid global corrections. Over the next
five years, forecasts suggest bullish momentum driven by industrial demand in solar,
EVs, and electronics, with potential peaks at ₹2.4-3 lakh/kg despite supply
deficits narrowing. Key influences include persistent global shortages and
India's import surge, offering opportunities for investors.
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| Silver Rate Predictions |
Current Silver
Prices
Silver prices in India
dipped recently, trading at ₹249 per gram or ₹2,49,000 per kg on January 9,
2026, a ₹3,000 decline per kg from the previous day. This follows a peak of
₹2,57,000/kg on January 7 and a remarkable 4.62% monthly rise, building on 2025's
27.13% December surge from ₹1,88,000/kg. City-wise, rates vary slightly:
₹2,68,000/kg in Chennai and Hyderabad, ₹2,49,000/kg in Mumbai and Delhi.
Global spot silver
aligns with this, correcting after 2025 highs above $83/oz, influenced by rupee
fluctuations and international benchmarks.
Driving Factors for
Prices
Industrial demand
dominates, comprising 59% of global usage, with solar PV alone consuming 200+
million oz annually, projected to hit 450 million by 2030. India's imports
exceeded 170 million oz in early 2025, spiking in solar/electronics, while ETFs
saw 69% YTD growth.
Supply constraints
persist: 70% byproduct from other mining, creating deficits of 118-400 million
oz yearly, with low inventories in India pausing ETF inflows. Rupee weakness,
Fed rate cuts, and green energy push (EVs to 59% auto demand by 2031) bolster prices,
alongside investment inflows.
Historical Context: Silver's Journey Through the Decades
To understand where silver is headed, it's essential to examine its historical trajectory in India. Silver rate history in India has changed over time due to several reasons:
- 1980s: Silver prices were around ₹2,700-₹3,000 per kg, when investment options were limited
- 1990s: Post-liberalization prices remained stable at ₹6,000-₹7,000 per kg
- 2008-09 Global Recession: Crisis-driven demand pushed prices to ₹56,000 per kg by 2011
- 2013-2019: Prices stabilized in the ₹35,000-₹45,000 per kg range
- 2020-2021 (COVID period): Pandemic uncertainty drove prices close to ₹70,000 per kg
- 2024-2025: Current levels around ₹92,000-₹93,000 per kg, with further increases expected
Price Predictions:
2026-2031
Analysts project
upward trends despite short-term corrections. HSBC sees 2026 averages at
$68.25/oz, dropping to $57/oz in 2027 amid easing deficits (230M oz in 2025 to
59M in 2027). Bullish Indian views: ₹2,40,000/kg by end-2026 (Motilal Oswal),
₹2,45,000/kg by 2026-27, up to ₹3 lakh by March 2026 (optimistic).
Longer-term: $180/oz
by end-2026, $250/oz 2027, $300/oz 2029 (CoinPriceForecast); INR equivalents
could hit ₹1,60,000/kg 2026, ₹2,00,000/kg 2028. Overall CAGR supports 7-10%
annual growth in India.
|
Year |
Global Avg (USD/oz) |
India (₹/kg) Forecast |
Key Catalyst |
|
2026 |
$68 timesofindia.indiatimes, $180 high coinpriceforecast |
₹2.4-3L instagram+1 |
Solar/EV boom angelone |
|
2027 |
₹2.5L+ pocketful |
Deficit easing timesofindia.indiatimes |
|
|
2028 |
$65 high economictimes |
₹2L economictimes |
Industrial surge rmoneyindia |
|
2029-30 |
$77 low-$325 high
litefinance |
Rising |
Green tech mmtcpamp |
|
2031 |
Upward coinpriceforecast |
Strong |
Supply gaps kotaksecurities |
Risks and
Challenges
Corrections loom from
weakening jewelry demand (high prices deter buyers), industrial slowdowns, and
rising recycling/mining. Geopolitical tensions, rupee strength, or global
recessions could pressure rates, as seen in January 2026 dips post-2025 rally. In
India, physical supply tightness and ETF pauses signal premiums, but
over-reliance on imports risks volatility.
Investment Outlook
Structural bull market favors accumulation on dips, with silver as green economy enabler. Physical silver, ETFs (e.g., Nippon India at ₹10k Cr AUM), or MCX futures suit portfolios amid 5-7 year deficits. Track solar imports, EV policies, and global deficits for entry points below ₹2.4 lakh/kg.