Overview

• International silver is up about 60% in 2025 at roughly $47/oz, approaching but not exceeding prior peaks near $49–$50.
• India’s benchmark price is about Rs 1,44,380 per kg today, and local reporting in Mysuru logged a fresh city record at Rs 1.49 lakh per kg this week.
• The Silver Institute notes a fifth consecutive annual supply deficit, and analysts cite ongoing monthly shortfalls with constrained mine output and shrinking inventories.
• Demand remains anchored by solar, electronics and EV uses alongside safe‑haven buying linked to a weaker dollar, expected Fed rate cuts and tariff policy uncertainty.
• Despite high prices, India’s silver imports nearly doubled from August to September, while outlooks split between calls for Rs 3 lakh/kg within 1–2 years and warnings that such levels would require extraordinary disruption.