MUMBAI: In a bold forecast that’s sending ripples through commodity markets, Motilal Oswal Financial Services predicts silver prices on the Multi Commodity Exchange (MCX) could soar to an astonishing ₹3.2 lakh per kilogram by 2026. This projection, shared in their latest research note, underscores the metal’s growing appeal amid global economic uncertainties and industrial demands.
Silver has long been overshadowed by gold in investor portfolios, but experts at Motilal Oswal argue it’s poised for a dramatic breakout. ‘Industrial consumption, particularly in solar panels, electronics, and electric vehicles, is accelerating silver’s demand trajectory,’ the report states. With supply chains strained and geopolitical tensions inflating safe-haven premiums, the white metal is expected to outpace historical highs.
The brokerage highlights key drivers: a projected 15-20% annual demand growth from green energy sectors, coupled with persistent supply deficits forecasted by the Silver Institute. India’s domestic consumption, already robust at over 3,000 tonnes yearly, will further bolster prices. ‘MCX silver futures could test ₹3.2 lakh levels as early as mid-2026,’ analysts predict, urging investors to position early.
Market participants are buzzing with optimism. ‘This isn’t just hype; fundamentals align perfectly,’ said a Mumbai-based trader. Recent price surges—silver up 25% year-to-date—validate the thesis. However, risks like a stronger US dollar or aggressive rate hikes could temper gains, though Motilal Oswal remains bullish.
For retail investors eyeing commodities, this forecast signals opportunity. Diversifying into silver MCX contracts or ETFs could hedge against inflation and equity volatility. As 2026 approaches, all eyes are on whether silver will shine brighter than ever.