While gold has dominated headlines for its record-breaking rally this year, silver has been quietly staging one of the most spectacular comebacks in decades. Starting 2025 at just $28.92 an ounce, silver surged past $46 by late September — a remarkable 61% gain in under nine months. For Indian investors, rupee depreciation has amplified these returns further, cementing silver’s position as one of the hottest assets of the year. Advertisement

What’s driving the surge?

According to Tata Mutual Fund’s latest report, silver’s rally is being powered by a unique mix of industrial and precious metal demand. Unlike gold, which is largely a safe-haven asset, silver derives nearly 60% of its global demand from industrial uses, and this year several factors have aligned in its favour.

Industrial

See Full Page