The rally in silver has been nothing short of remarkable. Last week alone, the metal climbed over 7%, driven by mounting tensions in the Middle East, political instability in Venezuela, and renewed pressure on the U.S. Federal Reserve.
With inflation cooling and expectations of a prolonged rate pause gaining ground, investors are turning to precious metals as safe-haven assets.
According to Ponmudi R, CEO of Enrich Money, silver’s price action continues to reflect aggressive absorption of dips, underscoring strong underlying demand. “Silver is behaving like a high-beta leader within the precious metals space. As long as it holds above Rs 2,65,000, the upside momentum remains firmly intact,” he said.
A breakout above Rs 2,70,000 could open the gates for a move toward Rs 2,80,000–Rs 3,00,000, he added. However, on the downside, support is expected around Rs 2,48,000–Rs 2,45,000.
The bullish sentiment is echoed by Rahul Kalantri, VP Commodities at Mehta Equities, who noted that silver’s upward trajectory is being reinforced by both global risk factors and speculative interest.“Silver has clear technical support around Rs 2,48,810 and Rs 2,44,170, with resistance at Rs 2,59,470. On the international front, it is holding ground above $78 per ounce, with resistance near $82.70,” he said.But while the current environment appears to favour precious metals, some caution that silver’s sharp rise may not be sustainable without pullbacks.
Ross Maxwell, Global Strategy Operations Lead at VT Markets, pointed out that although industrial demand, particularly from green technologies, supports the long-term case for silver, short-term rallies could attract speculative inflows that may reverse quickly.
“If macro risk appetite returns or speculative interest cools, silver may see a sharp correction. Volatility is likely to remain high, with both sharp gains and pullbacks on the cards,” he explained.
That said, Maxwell believes a sustained crash is unlikely unless broader market sentiment shifts decisively toward risk-on assets.
At present, silver appears to be riding a powerful wave of momentum, underpinned by a mix of safe-haven buying, strong industrial use, and technical strength. However, as multiple experts suggest, traders should remain mindful of the growing volatility and keep an eye on key support zones to gauge market direction in the days ahead.
Also read: Motilal sees silver sparkle through 2026, pegs Rs 3.20 lakh target. Is the big run just beginning?(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
