There is no stopping to rising silver rates as they reached a record high of Rs 1,84,727 on the Multi Commodity Exchange (MCX) on Wednesday (December 3, 2025) after the March contract prices rose by Rs 3,126.
If we look at the silver spot price on MCX, in just one month, they have ballooned to almost 20% from Rs 1,48,717.
If we talk about silver price growth in the long term, the spot price on MCX has soared by 98% in just one year from Rs 89,913 to Rs 1,77,886, 133% in 2 years and nearly 182% in 3 years. In the 10-year period, the rise in silver price is 419%.
Silver price growth in 10 years (As per MCX data) |
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| Year | Silver Price (Rs)/kg | CAGR | Absolute return |
| December 1, 2015 | 33729 | ||
| December 1, 2016 | 39950 | 18.44% | 18.44% |
| December 1, 2017 | 37795 | 6.14% | 12.05% |
| December 3, 2018 | 36111 | 2.30% | 7.06% |
| December 2, 2019 | 44132 | 6.95% | 30.84% |
| December 2, 2020 | 62999 | 13.31% | 86.78% |
| December 2, 2021 | 60655 | 10.28% | 79.83% |
| December 2, 2022 | 64304 | 9.66% | 90.65% |
| December 1, 2023 | 76355 | 10.75% | 126.38% |
| December 2, 2024 | 88409 | 11.30% | 162.12% |
| December 2, 2025 | 174987 | 17.90% | 418.80% |
What is triggering to the record silver price in the recent past and what should investors do amid such a situation, let’s see what experts say-
Which factors are triggering record silver price rise?
Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures, says that the recent surge of silver’s record highs reflects a rare alignment of global macroeconomic forces, structural supply constraints and booming industrial demand.
“With silver prices crossing Rs 1.78 lakh/kg, the rally is being fuelled by expectations of imminent interest-rate cuts by the Federal Reserve and tight global inventories that show little sign of loosening. At the same time, growing demand from solar-energy, electronics and other green-technology sectors is turning silver into more than just a ‘safe-haven’ metal,” says Aksha.
Maneesh Sharma, AVP – Commodities & Currencies, Anand Rathi Share and Stock Brokers Limited, says that other than the Fed rate cut possibility, inflows into bullion-backed exchange-traded funds and ongoing supply tightness have added fuel to rising silver prices.
“Silver ETFs tracked by Bloomberg have recorded inflows of around 290 tons in last week, which led to withdrawal of supply from the market and is also likely contributed to the price increase last week,” says Sharma.
Sharma says that silver’s new high has come just over a month after a severe supply squeeze in the dominant silver trading hub in London in October, which sent prices soaring above levels in Shanghai and New York.
“While the arrival of nearly 54 million troy ounces has eased that squeeze, the market still remains markedly tight with the cost of borrowing the metal over one month hovering above its normal level.”
Sharma says that apart from firm global sentiments, weakening rupee to above Rs 90 levels in spot has also aided domestic silver prices with MCX futures prices remaining supported in the same.
Naveent Damani, Head of research, commodities, Motilal Oswal Financial services Ltd, says the record silver prices are largely because of the demand-side pull and the supply-side lack.
He predicted silver price rally to continue.
“It looks like the momentum, and the rally is just getting halfway through and the ther (1:07) half could be getting in line as we approach 2026,” says Damani.
What should investors do amid record silver prices?
Aksha advises that existing investors locking in gains makes sense but keeping some exposure may pay off if the structural shortage persists.
“New investors can invest gradually, in small phases, to benefit from any future growth while avoiding the risk of entering during a sudden price spike,” says Aksha.
Damani advises investors to buy silver in staggered manner.
“Corrections would come in and will provide buying opportunities. So buy silver in a staggered manner. One could look to start investing on any 3-8% correction and start investing in a staggered manner,” says Damani.
Sharma says that the long-term price trajectory remains positive while prices could remain highly volatile ahead of potential US Labour market cues and the US Fed meet scheduled on December 10, 2025.
“Also, optimism around a possible Russia–Ukraine peace deal could be closely scrutinised in coming weeks. Meanwhile with tight global supply and strong industrial demand expected to persist in 2026 – 2027, silver prices could likely test its upside levels at around $ 65 -$67 range in H1 2026,” says Sharma.
