Silver rate today: Silver prices in India slipped on Tuesday, with MCX Silver trading at ₹199.10 per gram and ₹1,99,100 per kilogram, as investors turned cautious ahead of key US jobs and inflation data that could shape the Federal Reserve's policy outlook going into 2026. The metal fell from ₹2,03,000 per kg in the previous MCX session but continues to hold a firm bullish undertone amid an exceptional year for industrial and investment demand.
Spot silver declined 1.7% to $62.88 an ounce, retreating from Friday's record high of $64.65, while on MCX, prices recently reclaimed the crucial ₹2 lakh per kg mark, boosted by strong global cues and a weaker rupee. Year to date, silver has surged 121%, supported by tightening inventories and demand from solar, electronics, EVs and data-center applications.
Spot gold, too, edged lower, falling 0.3% to $4,289.17 per ounce, though bullion remains up 64% year-to-date after a record-breaking rally. Platinum climbed 1.7% to $1,812.80, and palladium rose 0.6% to $1,579.44.
The shift highlights a dramatic re-pricing across commodities. Silver is up more than 150% in 2025, marking its strongest annual performance since 1979. Since early 2020, silver has risen over 220%, while oil has slumped 44% over the same period.
WTI crude is now down around 20% in 2025, heading toward its worst annual decline since the 2020 pandemic crash. Oversupply, weakening global demand, rising inventories and mixed OPEC production strategies continue to weigh on the market. Geopolitical tensions have done little to offset the structural softness.
Oil, on the other hand, remains stuck in a bearish cycle. Global oversupply, softening industrial and transport demand, efficiency gains and uneven OPEC production policies have capped prices. Demand weakness in Europe and China has intensified the slide.
He noted that tightness in physical stocks led to the October squeeze, and when positions unwound between October 17 and 21, silver corrected 11%, while gold also dropped 6%. Beyond stocks tightening and silver's addition to the US critical mineral list, multiple factors are driving the rally: stockpiling, rising demand from electronics, alternative energy, EVs, artificial intelligence and data centers.
Ramaswamy emphasised that silver is now poised to play a pivotal role as a "next generation metal" across industries essential to the green energy transition and digital transformation. He added that although silver remains secondary to gold as a safe-haven asset, monetary drivers continue to support its momentum.
Looking ahead, Ramaswamy said silver could potentially climb to $100 per ounce -- roughly ₹3 lakh per kg -- but warned that the metal is historically prone to extreme boom-and-bust cycles. "When supply catches up with demand, that would be a signal of Peak Silver," he cautioned.
