Silver is continuing its remarkable rally, outperforming other precious metals and setting fresh record highs across global and domestic markets. On COMEX, the March 2026 contract climbed to a new peak of $79.67 per ounce, marking a surge of nearly 190% from its 52-week low of $27.545. In India, silver prices on the MCX also touched an all-time high of ₹2,39,397 per kilogram. Market analysts attribute this sharp rise to a major structural shift that is tightening the demand–supply balance, with expectations that prices could move toward the $100 per ounce level in the short to medium term.
Ponmudi R, CEO of Enrich Money, explained that silver’s strength is being driven by a combination of safe-haven buying, rapidly growing industrial demand, and ongoing supply constraints. He noted that the bullish trend remains intact, with only brief and shallow corrections, making silver one of its strongest performers in decades and allowing it to significantly outperform gold.
Adding to this view, Anuj Gupta, Director at Ya Wealth, pointed to technological and geopolitical factors behind the rally. He highlighted Samsung’s move toward mass production of solid-state batteries, which rely heavily on silver and offer faster charging and longer life than lithium-ion batteries. This shift, along with rising demand from EVs, solar energy, electronics and household appliances, is expected to widen the supply gap further. Global silver production stands near 850 million ounces, while demand is already around 1.16 billion ounces. Gupta also noted that geopolitical tensions disrupting shipping routes have constrained exports from major producers like Peru and Chad. Together, these factors signal a long-term structural change that could push silver prices significantly higher.
