Silver prices have surged to unprecedented levels, with spot prices touching an all-time high of $82.95 per ounce internationally, marking a remarkable 170% increase from $29.00 per ounce at the start of 2025. The rally has been driven by China's upcoming export restrictions, strong industrial demand, and mounting supply concerns across global markets.

Record-Breaking Price Performance

Silver futures on the Multi Commodity Exchange (MCX) for March 2026 delivery jumped 3.86% to a lifetime high of ₹2.49 lakh per kilogram, while domestic prices in Indian cities reached new record highs of ₹2.50 lakh per kilogram. Gold futures on MCX for February 2026 delivery rose 0.16% to trade at ₹1.40 lakh per 10 grams, maintaining momentum near all-time highs.

Internationally, gold remained close to all-time highs at $4,584.00 per ounce on Comex, supported by expectations of Federal Reserve rate cuts and a weaker US dollar hovering near three-month lows.

China's Export Restrictions Fuel Supply Concerns

China's decision to impose silver export restrictions starting January 1, 2026, has created significant market disruption. Under the new rules, companies must obtain government licenses for silver exports, with a quota system based on export history between 2022 and 2024. Chinese authorities stated the move aims to enhance resource management and environmental protection.

Tesla CEO Elon Musk expressed concerns about the restrictions, stating "This is not good. Silver is needed in many industrial processes," highlighting the metal's critical role in modern manufacturing.

Industrial Demand and Supply Dynamics

Silver's exceptional performance reflects strong industrial demand across key sectors including solar panels, electric vehicles, data centers, and power generation. The metal's crucial role in these growing industries, combined with falling global inventories, has created structural supply-demand imbalances.

Rahul Kalantri, Vice President – Commodities at Mehta Equities, noted that China's proposed silver export restrictions have heightened supply concerns and contributed to silver's recent outperformance against gold. Growing confidence in Federal Reserve policy easing, geopolitical tensions, and supply risks continue supporting precious metal prices.

Market Outlook and Expert Projections

Pranav Mer, Vice President at JM Financial Services, expects gold could move towards $5,000.00-5,200.00 per ounce globally and ₹1.50-1.55 lakh per 10 grams on MCX in 2026. Prathamesh Mallya from Angel One anticipates gold prices testing ₹1.60 lakh per 10 grams in the first half of 2026.

The convergence of multiple factors – ongoing supply-demand deficits, China's export curbs, strong industrial demand, and expectations of monetary policy easing – suggests continued support for precious metals. Markets await key cues from upcoming FOMC minutes for clarity on the pace and timing of future rate cuts, which could further influence bullion trajectories.

Precious metals markets have achieved extraordinary milestones as silver prices surged ₹9,750 to hit a new record of ₹2,27,000 per kilogram in Delhi, while the white metal breached the $72 per ounce mark in global markets. Gold continues its historic rally, crossing $4,525 per ounce for the first time, as both metals extend their upward momentum amid expectations of dovish U.S. Federal Reserve policy and ongoing geopolitical tensions.

Silver's Record-Breaking Performance

Silver has emerged as the standout performer in precious metals markets, with spot silver reaching a fresh high of $72.70 per ounce in overseas trade. According to the All India Sarafa Association, silver prices in the national capital jumped significantly from Tuesday's closing of ₹2,17,250 per kilogram.

"Spot silver crossed the USD 72 level as the bullion prices hit record highs in the international markets," said Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities. The metal has demonstrated exceptional strength, rising from ₹89,700 per kilogram recorded on December 31, 2024.

Kiyosaki's Bold $200 Silver Prediction

Robert Kiyosaki, author of "Rich Dad Poor Dad," has made headlines with his bullish forecast for silver prices. In a social media post on platform X, Kiyosaki stated that silver crossing the $70 level is "great news" for gold and silver stackers but "bad news for fake money savers."

Expressing concerns about hyperinflation, Kiyosaki predicted that silver could climb to $200 per ounce by 2026 as the dollar continues to lose value. "Don't be a loser," Kiyosaki wrote, urging investors to consider the declining purchasing power of fiat currencies.

Gold's Continued Strength

Gold has also reached fresh record highs, with spot gold crossing the $4,500 per ounce mark for the first time by rising $41.18, or 0.92%, to $4,525.96 per ounce. "Spot gold reached a fresh record high of USD 4,525 per ounce in the Asian session as the US dollar remains on defensive," said Praveen Singh, Head of Commodities and Currencies at Mirae Asset ShareKhan.

Market Drivers and Expert Analysis

Market experts attribute the bullish momentum to several key factors. Gandhi noted that a weak U.S. dollar, expectations of dovish monetary policy from the U.S. Federal Reserve, and ongoing geopolitical tensions continue to act as tailwinds for precious metals.

Renisha Chainani, Head - Research at Augmont, explained: "Spot silver rose to hit record USD 72 per ounce, setting new records, fuelled by anticipation of further monetary policy easing by the US Federal Reserve and increased geopolitical tensions."

Chainani also highlighted that "rising tensions between the US and Venezuela have boosted safe-haven flows into the bullion prices. Further, US Q3 GDP data failed to strengthen the US dollar despite increased bets on two Fed rate cuts in 2026."

Trading Outlook and Market Sentiment

The sustained upward trajectory in both metals indicates broad-based strength in precious metals trading. Silver's performance marks its best showing in recent years, while gold continues to benefit from safe-haven demand amid global uncertainties.

Market participants expect both precious metals to remain sensitive to macroeconomic signals, including Federal Reserve policy guidance, currency movements, and geopolitical developments. The combination of monetary policy expectations and geopolitical risks continues to support the bullish outlook for precious metals in the near term.