In international markets, spot silver held at $46.93 per ounce, up 18.2% in September, making it one of the best-performing commodities for the month.
Aksha Kamboj, Vice President of the India Bullion & Jewellers Association (IBJA), said the rally has been driven by a mix of investment and industrial buying. She noted that silver prices in India, which were around ₹1.44 lakh per kg earlier in the month, have surged on the back of global cues, a weaker dollar, and renewed confidence in manufacturing activity.
Analysts point to silver’s dual role as both a precious metal and an industrial commodity as a key driver of demand. Industries linked to electric vehicles, solar energy and electronics continue to build long-term consumption, while investors have increased allocations amid global uncertainty.
Year to date, silver has outperformed gold in percentage terms, reflecting strong sentiment across commodities.
Brokerages and market participants expect the rally to continue.
A recent quarterly outlook by Motilal Oswal Financial Services (MOFSL) anticipates Comex silver futures rising first to $45 per ounce and eventually testing $50 per ounce soon.
Silver has already returned nearly 37% year-to-date on the MCX, outpacing most other asset classes, according to the brokerage.
First Published: Sept 30, 2025 10:52 AM IST