According to MCX futures data, silver rose from ₹87,578 per kg on January 1 to ₹1.05 lakh per kg by June 30, registering a 20.4% increase. Gold, meanwhile, moved from ₹76,893 per 10 grams to ₹96,075 per 10 grams — up 24.95% over the same period.
In absolute terms, gold gained ₹19,182, while silver rose by ₹17,871 during the six-month span.
“Silver has indeed outperformed gold recently, particularly in June, as industrial demand continues to strengthen,” said Nirpendra Yadav, Senior Commodity Research Analyst at Bonanza. “Its unique position as both a precious and industrial metal makes it especially responsive to macroeconomic trends.”
Yadav added that nearly 60% of silver’s demand stems from industrial sectors like solar panels, electronics, and electric vehicles. “At the same time, underinvestment in silver mining — often a byproduct of other metals — has caused a fifth straight year of supply deficit,” he noted.
Silver’s appeal also lies in its volatility.
“Like gold, silver acts as a hedge against inflation and currency risks, but because it has a smaller market size, its price movements can be more pronounced during bullish phases,” Yadav said.
Investor interest has also tilted towards silver in recent months.
“Silver is getting all the spotlight, not just as a precious metal but also due to industrial demand,” said Trivesh D, COO, Tradejini. “With growing ETF inflows — ₹854 crore in May, nearly three times that of gold ETFs — silver is drawing fresh attention.”
Despite silver’s June rally, analysts remain positive on both metals. Silver is projected to reach $40-49 per ounce in the coming years, while gold is expected to move towards $3,700-4,000 per ounce, supported by central bank buying and its safe-haven status.
“The macroeconomic setup — with inflation concerns, geopolitical tensions, and a weakening US dollar — supports a bullish case for both,” said Yadav. “Silver’s industrial base could help it outperform in the near term, but gold’s safe-haven appeal remains intact.”
Experts suggest investors consider a balanced approach. Diversifying across both gold and silver could be a prudent strategy, especially in uncertain times, they say.
