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Silver shines brighter than gold: What’s driving the rally and what lies ahead?

Silver rally has been supported by a fundamental supply shortfall and growing industrial demand. The metal is now entering its fifth consecutive year of deficit, resulting in a tighter market

October 09, 2025 / 10:08 IST
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Silver prices hit fresh all-time highs

Gold's record run continues unabated but it is silver which is shining bright with one of its best showing in decades. The white metal, which started the year at $28.92 an ounce, soared to a new high of $49.57 on October 8.

In rupee terms, silver has outshone gold. While gold prices are up 56 percent, silver has surged nearly 69 percent this year. The rally has been driven by booming industrial demand, a global supply deficit and Fed cuts may continue to support silver prices.

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Industrial demand driving momentum

Silver’s unique identity both as a precious and industrial metal has been the primary driver of the surge.