New Delhi: Over the past one year, Silver price scaled several peaks, and the biggest one was on 29 January 2026, when the precious white metal breached the Rs 4 lakh per kilogram in futures trade. However, after that the Silver rates started to decline and is trading at Rs 2,85,000 per kg on 5 March 2026.
Meanwhile, Silver prices dipped below $82 per ounce while MCX silver dropped under the Rs 258,000 level, as the US dollar strengthened amid ongoing geopolitical uncertainty because of the ongoing US-Israel and Iran military war.
The US-Israel and Iran military is escalating and markets also reacted to reports that Iranian operatives have reached out to the United States for peace talks, however, Tehran later denied.
Another factor, which is expected to affect Silver is the implementation of a 15% global tariff announced by President Donald Trump later this week.
Silver Market Outlook 2026
Giving its forecast for Silver in 2026, Kedia Advisory said global Silver market is projected to remain in deficit throughout this year.
In its report, the financial advisory group stated that the global silver market is projected to remain in deficit for a sixth consecutive year in 2026, with the shortfall estimated at about 67 million ounces as total demand continues to exceed supply.
“Industrial fabrication demand is expected to decline to around 650 million ounces, partly due to reduced photovoltaic silver usage despite rising solar installations. Total supply is forecast to grow by 1.5%, supported by a 1% increase in mine production to about 820 million ounces and a 7% rise in recycling as higher prices encourage scrap supply,” Kedia Advisory said.
The report further stated that investment demand remains strong, with global ETP holdings near 1.31 billion ounces, while silver prices have already risen about 11% in 2026 amid geopolitical tensions and continued market tightness.
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