Precious metals kicked off the New Year on a firm note, supported by strong global cues and renewed investor interest. Silver prices led the gains, with MCX silver rising 1.9%, or 4,600, to trade at 2,40,500 per kg on Multi Commodity Exchange of India.
In the international market, spot silver climbed 2.1% to USD 72.75 per ounce, after touching an all-time high of USD 83.62 earlier this week. Silver ended 2025 with a staggering 147 percent rally, its strongest year on record. Spot gold also advanced 0.8% to USD 4,346.69 per ounce, while US gold futures gained 0.5% to USD 4,360.60 per ounce.
Interest rate cuts and bets of further easing by the US Federal Reserve, geopolitical conflicts, robust demand from central banks and rising holdings in exchange-traded funds had fueled gold’s rally last year.
Ponmudi R, CEO of Enrich Money, said precious metals are heading into 2026 on a stable.
According to Ponmudi, the broader long-term bullish structure remains intact, supported by ongoing supply constraints—especially in silver—strong industrial demand from solar, electric vehicle and AI-linked sectors, sustained central bank accumulation of gold, and expectations of further global interest rate cuts.
Silver Outlook 2026
Choice Broking sees silver as a potential outperformer in 2026, backed by deepening supply constraints and accelerating industrial demand. The brokerage highlights rising usage of silver in electric vehicles, solar energy, and clean-tech applications, which has tightened supply conditions and added a strong fundamental tailwind to prices.
Silver breached $83 per ounce in spot markets in 2025, equivalent to around 2,54,000 per kg, and delivered a massive 120% annual surge. Looking ahead, Choice Broking expects silver to target a broad price cluster of $50–$70 per ounce, with domestic levels projected in the 2,30,000- 1,80,000 per kg range. The brokerage identifies key support levels at 2,11,600 and 1,80,000, while resistance is seen between 2,60,000 and 2,95,000 per kg.
With industrial demand strengthening and supply deficits widening, Choice Broking believes silver has the potential to outperform gold, although investors should remain mindful of near-term volatility driven by global macro cues.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
