Silver stole the spotlight from gold in September, surging 19.4 per cent amid strong industrial demand, particularly from solar and technology sectors, and a tightening global supply, even as gold prices rose 13 per cent over the same period.
In the national capital, silver prices climbed from Rs 1,26,000 per kilogram on September 1 to Rs 1,50,500 per kilogram on September 30, marking one of the steepest monthly gains in recent years. On Friday, the white metal settled at Rs 1,50,000 per kilogram, PTI reported.
Gold, meanwhile, rose by Rs 14,330 per 10 grams, or 13.56 per cent, from Rs 1,05,670 on September 1 to Rs 1,20,000 per 10 grams on September 30. The 99.9 per cent and 99.5 per cent purity variants closed at Rs 1,20,600 and Rs 1,20,000 per 10 grams, respectively, on Friday.
Experts said silver’s dual role as both an industrial metal and a store of value amplified its gains. "Silver combines monetary properties with industrial demand. Industrial consumption accounts for 60-70 per cent of overall demand," said NS Ramaswamy, Head of Commodity Desk & CRM at Ventura. He noted the persistent supply deficit over the last seven years, with solar panel applications alone consuming 232 million ounces in 2024, as a key driver of upward price pressure.
Ramaswamy added, “Silver fundamentally got a boost from gold’s rally, and it has mirrored this ferocity with its dual nature.” Motilal Oswal Financial Services highlighted that industrial demand is likely to remain a critical growth driver next year, supported by expanding solar capacity, electric mobility, and 5G rollout.
On the global front, spot gold rose to $3,871.81 per ounce, after hitting a record $3,896.74 per ounce on Thursday. Spot silver climbed nearly 2 per cent to trade near a record $47.75 per ounce, following Thursday’s lifetime high of $48.05 per ounce.
“Silver’s surge beyond $47 per ounce, its highest level in fifteen years, reflected a convergence of structural ownership, institutional flows, and resilient industrial demand that has tightened the market far beyond its traditional base,” said Riya Singh, Research Analyst, Commodities and Currency, Emkay Global Financial Services, PTI quoted him as sying.
Silver’s rally has also been fuelled by the ongoing US government shutdown, which revived safe-haven demand, alongside a weak dollar, strong central bank purchases, and softer economic data raising expectations of additional Fed rate cuts.
Reflecting strong investor interest and macroeconomic uncertainty, Swiss bank UBS raised its silver price forecasts to $52 and $55 per ounce by mid-2026, up from earlier targets of $44 and $47 per ounce.
(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
In the national capital, silver prices climbed from Rs 1,26,000 per kilogram on September 1 to Rs 1,50,500 per kilogram on September 30, marking one of the steepest monthly gains in recent years. On Friday, the white metal settled at Rs 1,50,000 per kilogram, PTI reported.
Gold, meanwhile, rose by Rs 14,330 per 10 grams, or 13.56 per cent, from Rs 1,05,670 on September 1 to Rs 1,20,000 per 10 grams on September 30. The 99.9 per cent and 99.5 per cent purity variants closed at Rs 1,20,600 and Rs 1,20,000 per 10 grams, respectively, on Friday.
Experts said silver’s dual role as both an industrial metal and a store of value amplified its gains. "Silver combines monetary properties with industrial demand. Industrial consumption accounts for 60-70 per cent of overall demand," said NS Ramaswamy, Head of Commodity Desk & CRM at Ventura. He noted the persistent supply deficit over the last seven years, with solar panel applications alone consuming 232 million ounces in 2024, as a key driver of upward price pressure.
Ramaswamy added, “Silver fundamentally got a boost from gold’s rally, and it has mirrored this ferocity with its dual nature.” Motilal Oswal Financial Services highlighted that industrial demand is likely to remain a critical growth driver next year, supported by expanding solar capacity, electric mobility, and 5G rollout.
On the global front, spot gold rose to $3,871.81 per ounce, after hitting a record $3,896.74 per ounce on Thursday. Spot silver climbed nearly 2 per cent to trade near a record $47.75 per ounce, following Thursday’s lifetime high of $48.05 per ounce.
“Silver’s surge beyond $47 per ounce, its highest level in fifteen years, reflected a convergence of structural ownership, institutional flows, and resilient industrial demand that has tightened the market far beyond its traditional base,” said Riya Singh, Research Analyst, Commodities and Currency, Emkay Global Financial Services, PTI quoted him as sying.
Silver’s rally has also been fuelled by the ongoing US government shutdown, which revived safe-haven demand, alongside a weak dollar, strong central bank purchases, and softer economic data raising expectations of additional Fed rate cuts.
Reflecting strong investor interest and macroeconomic uncertainty, Swiss bank UBS raised its silver price forecasts to $52 and $55 per ounce by mid-2026, up from earlier targets of $44 and $47 per ounce.
(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
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