After rallying more than 50% in the last six months, Silver seems to be taking a breather. The pause in the rise of silver was witnessed after the price made a new all-time high of US$54.48 per ounce on October 17, 2025.
“Gold and silver prices are attempting to establish a base before the next upleg rise, following confirmation of supporting factors, including massive layoffs and the US government shutdown,” says Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association and Chairman at Jain International Trade Organisation.
Behind the rapid rise in silver prices in 2025, there could be several factors. According to the Silver Institute, the silver price has increased in 2025 due to a combination of factors, including surging investor demand, especially in exchange-traded products (ETPs), as silver is viewed as a safe-haven asset amid economic uncertainty and geopolitical tensions.
The ongoing tariff concerns and the robust silver demand in India and China, the two biggest markets, are supporting prices. At the same time, continued delivery issues between London and New York have led to a silver squeeze, pumping up the prices.
Record gold prices this year have also boosted the white metal’s price performance, as silver is considered a less expensive haven similar to gold.
The gold-to-silver ratio has fallen from the levels of over 100 to around 80 now. It shows, Silver is still undervalued relative to gold, suggesting that it has greater potential for price increases in the future.
The next set of trends that may influence gold and silver prices includes tariff policies associated with Trump’s administration, potential rate cuts by the US Federal Reserve, and geopolitical uncertainties. Additionally, increasing industrial demand for silver suggests a supportive factor that could elevate its prices. The demand for silver is expected to surpass the supply in 2025, potentially sustaining the price for the fifth consecutive year.
Silver ETFs in India
According to the Silver Institute, India is the second-largest physical silver investment market, but it has occasionally eclipsed the US, which has traditionally been the largest physical silver market. India has a long-standing tradition of owning physical silver, typically in the form of silver bars, which in 2024 comprised 70% of total retail demand.
The report, produced by leading precious metals consultancy Metals Focus, highlights the exchange-traded product (ETP) market in India. “These were launched there in 2022, but initially struggled to gain much traction,” the report stated.
That, however, has changed significantly over the past 18 months or so, with holdings (as of end-June) exceeding 58 Moz (1,800t), a jump of 51% since end-2024.
While these ETPs do offer an alternative route for Indian investors looking to gain exposure to the silver market, our understanding is that instead they have served to broaden the investor base by appealing to those already active in the equities market who typically might not have bought physical metal.”
Silver rate today in India is Rs 1,47, 540 while gold price today is Rs 1,21,240 per ten gram.
Silver prices have gained over 65% so far this year, but are up by merely 1% in the last month. Similarly, gold prices have fallen back to levels last seen a month ago. “Gold prices are expected to consolidate in the range of $3,900 (Rs 117,500) to $4,060 ( Rs 122,500) for the next few days, so buy on dips and sell on rallies. Silver prices are expected to consolidate in the range of $45.5(Rs 140,000) and $49 (Rs 150,000) for the next few days, so buy on dips and sell on rallies,” adds Kothari.
