Silver has quietly outperformed India’s stock market this year, delivering stunning returns while the Nifty 50 remained largely flat.
According to CA Nitin Kaushik, silver prices have surged from around ₹1,00,000-₹1,05,000 per kilogram in April 2025 to nearly ₹1,57,000 per kilogram in October – marking a jump of about 56-57% in just six months.
The Chartered Accountant noted that while everyone calls the stock market a “regret machine,” it’s silver that’s living up to that title this time. “No fancy IPO. No AI stock. Just a quiet metal outperforming every hype cycle,” he wrote.
In contrast, the benchmark Nifty 50 index has stayed nearly flat during the same period, delivering returns of less than 3%. He also highlighted how investor sentiment tends to shift after a rally.
“Now, everyone who didn’t buy silver suddenly has a theory on why it’ll crash soon,” he remarked, adding that confidence often rises only after prices have already soared.
With silver outperforming equities and many popular investment themes, its sharp rally has sparked renewed interest among retail investors and traders looking for the next big momentum play.
Meanwhile, experts have predicted that there could be a significant drop in the prices of gold and silver over the next few days or weeks. The market is likely to normalise with festive buying expected to go down after Diwali.
“This volatility is likely to ease after the festive demand tapers off. Post-Diwali, we might see the market normalising as arbitrage returns and premiums compress. I expect this to start from next week onwards,” Renisha Chainani, head of research at Augmont, an integrated platform for gold and silver investments, told India Today Digital.
A report by Motilal Oswal Financial Services Limited (MOSFL) suggests that while the long-term outlook for silver is bullish, with prices reaching around $77 per ounce by 2027 or ₹2,46,000 per kg in India, assuming a weaker rupee, short-term corrections are likely.
MOSFL says that a consolidation of around $50-55 is expected in the coming months, while warning of volatility due to silver’s tendency to move 1.7 times faster than gold. Other than post-Diwali cooling in prices, the MOSFL report says a slowdown in key industries may bring down silver prices in the near future.