Silver Price: The ongoing rise in silver prices may continue further. Chirag Thakkar, CEO of famous bullion dealer Amrapali Gujarat, says that by the end of 2025, silver prices may rise by about 18%. He believes that this market may remain hotter due to global liquidity pressure and strength in retail demand.
How much will silver increase in the Indian market?
According to GoodReturns, the price of silver in India on Monday, October 13 (Silver Price Today) was Rs 1.85 lakh per kg. If there is a jump of 18% in this, then the new prices can go up to Rs 2.18 lakh per kg.
The price of silver on January 1, 2025 was around ₹79,380 per kg. Whereas, on October 13, it reached ₹ 1,85,000. This means that from January to October, silver prices increased by approximately 133%.
Demand for silver increased in India also
Despite high prices in India, the demand for physical and digital silver has not decreased. According to Thakkar, buyers are not bothered by the recent rally. He said, ‘My clients are saying that whether the price goes up or down, they are ready to pay up to ₹2,00,000, all they want is silver.’
He told that 1 kg silver bar is most popular among retail investors. India’s silver import is expected to be 5,000 to 5,500 tonnes this year.
Why is the price of silver increasing?
Chirag Thakkar told CNBC-TV18, ‘The targets we had set for silver have already been met. Currently, lack of liquidity in the London market is pushing prices abnormally high. If the price remains above $50, it can go to $55 and maybe even $60.
On Monday, October 13, an increase of 1.57% was recorded in the spot price of silver in the global market. It reached $51.08 an ounce, which is close to the record level. There was tremendous volatility in the London market due to short squeeze and US-China trade tension.
This surge also affected gold, whose prices reached new heights. At the same time, platinum and palladium prices also rose due to fears of tariffs on other precious metals by the White House.
Higher prices in London market, discount in New York
According to Thakkar, at present the London market is trading at a premium of more than $2 compared to New York. This is a sign of supply shortage and strong buying by global funds. He told, ‘Trading is happening at a discount in New York while at a premium in London. All global ETFs, including Indian ETFs, are buying heavily. Besides, retail buyers are also investing aggressively.
According to Thakkar, at present the premium is running 1.5 to 2 dollars per ounce i.e. around ₹ 14,000 to ₹ 15,000 per kg above the MCX rate. He expressed hope that this premium may become normal in 3 to 4 weeks when the market stabilizes.
There is strong support at $46
Amidst the lack of global supply and increasing interest of investors, the rise in silver does not seem to be stopping at the moment. Thakkar said that if prices improve then strong support will be seen at $ 46 an ounce. He said, ‘Last week before the opening of London market we saw support at $46. If the prices come back to the same level, then big buying will be seen.
This means that if the price of silver falls by 10%, then strong support will be formed there. This level of silver in the Indian market will be ₹ 1,66,500 per kg. According to Thakkar, ‘This metal can show more shine before this year ends.’
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