Overview

• Prices touched about $53.60 per ounce internationally as Indian spot hovered near Rs 1.8 lakh and MCX December futures traded around Rs 1,62,700.
• Motilal Oswal projects consolidation near $50–$55 with potential to reach $75 by 2026 and sets a domestic target of Rs 2,40,000 per kg by end-2026.
• Silver ETFs have delivered roughly 102% year-to-date returns, outpacing gold ETFs and equities as inflows accelerate.
• Physical tightness is evident in India with ETF premiums over futures and reported delivery delays exceeding 10 days.
• Analysts flag thin liquidity and near-term pullback risk even as Bank of America lifts its projection to $65 and the Silver Institute tracks a fifth consecutive market deficit, with industrial use projected above 700 million ounces in 2025.