Silver prices could move sharply higher over the next two years, with levels of $95–100 an ounce possible by 2026, while gold could trade in the range of $4,900–5,100 an ounce, according to Surendra Mehta, Secretary of the India Bullion and Jewellers Association.
Mehta said the recent rally in silver is being driven by structural changes in the market, particularly high lease rates and a shift from paper silver to physical holdings. “The lease rate in a few cases has been as high as 23 to 24%,” he said, adding that such levels point to tight availability. He noted that banks and fund houses are reducing exposure to paper instruments and moving toward physical silver.
Silver prices have risen from around $49 per ounce on November 21 to near $73 per ounce, reflecting this change in positioning. Mehta said the speed of the move explains why volatility should be expected. “Silver has rallied more than 50% in just one month,” he said, cautioning that corrections of 18–20% are likely along the way.
Looking ahead to 2026, Mehta said silver could trade in the $95–100 per ounce range, while adding that prices could overshoot this band. He stressed that interim pullbacks are part of such cycles and should not be viewed as a change in the broader trend.
Mehta also shared a similar view on gold. He said the metal could see near-term corrections of 9–10%, but over the longer term, prices could rise toward $4,900–5,100 per ounce by 2026. He added that investors should be prepared for fluctuations even as the longer-term outlook remains supportive.
