Gold or silverSilver Outlook and Trends (ચાંદીનો દૃષ્ટિકોણ અને વલણો)
Explore Gold & Silver Schemes
Silver Outlook and Trends
2025 marked a remarkable year for silver with prices zooming ~100%* primarily driven by demand–supply imbalance and safe haven appeal – among other factors. With silver currently trading at $58 per troy ounce*, valuations look stretched. However, there are no signs of retreat. The note further elaborates upon the key factors behind the rally along with risks and our view on where the silver is headed.
Key performance drivers:
Many of the performance drivers for silver remain the same as gold – including weaker US dollar, Fed Policy uncertainty, geopolitical concerns, economic uncertainty and Japanese Bond Market turmoil. Additionally, below factors also added to surge in silver prices:
Broader Momentum in Metals
Silver prices surged to fresh highs in 2025, aided by broader momentum in metals. Price of the white metal was supported by higher levels for copper, reflecting industrial demand crossover. Gains in gold also provided additional tailwinds.
Demand led by industrial use
Industrial Demand: Industrial demand for silver accounts for more than half of its total consumption. Silver is used in solar energy technology, electric vehicle batteries and semiconductors – all of which are expected to be in high demand in the foreseeable future. The green transition will continue to underpin long–term silver demand.
ETF Inflows: Strong inflows into silver–backed ETFs highlight investor confidence.
Physical Demand: Though modest, physical buying provides underlying support to silver prices.
Shift in Flows
Investors rotating from equities into commodities added to the [momentum].
Structural shortage
Silver supply remains inelastic amid rising prices as majority of mined silver is produced as a by-product of lead, zinc andcopper mining. 2025 marks the fifth consecutive year where global silver supply lagged the demand, leading to market deficit.
(ચાર્ટ: Five years of sizeable, uninterrupted deficits - 2010 થી 2024 સુધી ચાંદીની ખાધ દર્શાવતો બાર ચાર્ટ)
Source: The Silver Institute, Metals Focus
Silver remains firmly positive, touching new highs in 2025 on the back of factors mentioned above. However, as we enter 2026, investors should be mindful of potential risks. Overvaluation leading to any weakness in physical demand, potential ETF outflows, profit taking could weigh on the prices. Additionally, stronger US Dollar, rising real yields, easing geopolitical tensions, any downturn in copper prices and rotation into energy or agricultural commodities could also lead to downward pressure. Central Banks' preference for gold over silver may limit its official demand support. Possible substitution in industrial uses also poses a risk.
Overall, our outlook for silver is constructive with multiple tailwinds sustaining its rally even as valuations stretch. However, 2026 may bring corrections and volatility as investors reassess valuations.
2025 has cemented silver's position both as a precious and industrial metal of choice, positioning the white metal as a standout asset in diversified portfolios.
*Source: World Gold Council, The Silver Institute, Bloomberg, Axis MF Research, Factset as of 9th Dec 2025.
ઈમેજ 3, 5 અને 6: Gold Outlook and Trends (સોનાનો દૃષ્ટિકોણ અને વલણો)
AXIS MUTUAL FUND
Gold Outlook and Trends
So far in 2025, gold has stood out as one of the best performing asset classes, surging ~60%*. This extraordinary rally has been supported broadly by lower opportunity cost of holding gold, safe haven appeal and robust demand. The note dives deep into each of these factors, along with potential headwinds and our view on what lies ahead for gold.
Key performance drivers:
Lower Opportunity Cost:
Rate Cut Expectations: Lower interest rate trajectory in the US bodes well for gold as it reduces the opportunity cost of holding the non–yielding asset. We anticipate 1–2 more rate cuts in this cycle, as macroeconomic conditions stay uneven and weakness persists in the labor market.
Concerns about Federal Reserve's independence: If the new Chair is aligned with Trump’s policy preferences, markets would anticipate a dovish stance, which may provide additional support for gold.
Weaker US dollar: With US debt to GDP at 124%, concerns on the government debt levels have weighed on the US Dollar. US Dollar index has depreciated ~8%* so far in 2025, which has worked in favour of gold.
(ચાર્ટ: Gold Spot (USD/Troy Ounce) વિરુદ્ધ Dollar Index (DXY) ની સરખામણી
Global uncertainty adding to Safe–Haven appeal:
Macroeconomic uncertainty: Concerns about slowing global growth and sticky inflation, have reinforced gold's role as a store of value and volatility hedge. With inflation still above target levels in many economies
सोने में निवेश
चांदी या सोना बेहतर कौन #goldsilverprice #goldsilverpricetoday #marketanalysis #finance #goldupdates #silverprice
Информация по комментариям в разработке