Silver prices in India closely follow international trends. They also react to movements in the rupee against the US dollar. A weaker rupee makes imports of silver costlier even if global prices stay flat.
Globally, spot silver dipped slightly by 0.3% to $39.15 per ounce. But prices remain near a 14-year high as traders turn to precious metals amid policy and trade concerns.Rahul Kalantri, Vice President Commodities at Mehta Equities, said, “Silver rallied further as the countdown to the US trade tariff deadline stoked global uncertainty. Trump’s warning to escalate tariffs unless a deal is struck by August 1 has pushed investors towards safe-haven assets.”
He added that weakness in the US dollar index and treasury yields, along with the rupee’s depreciation, supported domestic bullion prices.Analysts expect silver to find support at $38.75–38.55 per ounce and face resistance at $39.45–39.65 an ounce. In India, silver has support at ₹1,14,780–1,13,850 per kg and resistance at ₹1,16,450–1,16,950 per kg, according to Mehta Equities.
Looking ahead, experts see more room for silver to rise.
Sandip Raichura, CEO of Retail Broking and Distribution & Director at PL Capital – Prabhudas Lilladher, said, “Silver is maturing from the ‘poor man’s gold’ to a strategic metal for smart investors. With supply deficits deepening and demand from EVs, solar, and electronics rising, the fundamentals are in place for a major rally.”
He added that the gold-to-silver ratio still shows scope for silver to catch up, with a two-year target of $48–58 per ounce.
A weaker dollar, sticky inflation, and steady inflows into silver ETFs could keep prices supported in the near term. Many investors now see silver as a credible hedge for long-term growth and wealth protection.
First Published: Jul 23, 2025 9:45 AM IS
