Silver may shine brighter than gold this year, says Nirmal Bang’s Kunal Shah

Kunal Shah, Head of Commodities & Currency Research at Nirmal Bang, expects silver to climb further this year, supported by supply shortages and growing demand.He said, “If it comes down, it doesn’t take time for it to come down by ₹5,000–10,000… one can remain long – ₹1,23,000–1,24,000 per kilogram, they can buy it. It is going to go up.”

Shah added that recent moves by countries to include silver in reserves and the US placing it on the critical minerals list strengthen the case for higher prices. He projects silver could reach ₹1,35,000–1,40,000 per kilogram by December.Also Read | Silver hits all-time high in India; crosses $40 per ounce globally after 14 years
On gold, Shah pointed to expectations of US rate cuts and geopolitical tensions as drivers. “Gold is heading towards $3,650–3,700 per ounce,” he said, raising his earlier forecast of $3,550. In India, he expects gold to trade around ₹1,08,000–1,09,000 per 10 grams.

Shah also shared his preferred allocation: “Out of ₹100, I would put ₹70 in silver and ₹30 in gold.”

Also Read | Gold prices hit an all-time high in India; global rates surge on Fed rate cut bets

On the rupee, he said the currency’s outlook depends on tariff decisions by the US. He sees support around 86.50–86 and resistance near 89 against the dollar.

For the full interview, watch the accompanying video

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