Silver prices expected to bounce back to $52-$53 per ounce, says Emkay
This story was originally published at 15:35 IST on 18 November 2025
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MUMBAI – Silver prices are expected to bounce back to $52-$53 per ounce levels and may move towards $58-$62 per ounce, Emkay Wealth Management said in a press release Tuesday. "It advises that given the relatively higher volatility in silver prices, any further investments into silver may be taken as tactical positions with six months to 12 months of time horizon, with target levels for exit," the release said.
As an investment asset, silver has continued to outperform physical silver over the past three years, both silver exchange-traded funds and silver fund of funds. The strong performance reflects robust fund management, efficient tracking, and growing investor confidence amid global market volatility.
Despite the short-term volatility, the fundamentals of the silver market remain strong, Emkay said. Rising industrial demand from sectors such as renewable energy and electronics, coupled with constrained supply of the metal, continues to support long-term price stability.
As of Oct. 31, silver ETFs delivered impressive returns, with ICICI Prudential and Nippon India Silver ETFs recording over 50% one-year gains, compared to around 49% for physical silver. "Over three- and six-month periods, returns ranged between 34–56%, underscoring the strength of the rally. Nippon India Silver ETF leads the segment with an AUM (assets under management)of 15,284 crore (INR 152.84 billion), followed by ICICI Prudential at 9,481 crore (INR 94.81 billion)," the release said.
Silver funds have also mirrored this trend, delivering one-year returns of around 49% to 50%. The ICICI Prudential Silver ETF FOF leads with an AUM of INR 32.32 billion, reflecting strong investor participation. The difference in performance versus ETFs stems from fund-level expenses, it said.
After a brief correction, silver is trading near $48.80 per ounce, mainly because investors have been booking profits and because of easing of US–China trade restrictions on critical minerals, Emkay said. Although the US Federal Reserve's recent rate cut initially boosted precious metal prices, the lack of clarity about additional policy easing has created some short-term pressure on silver.
At 1521 IST, the most-active December silver contract on COMEX was 1.2% lower at $50.14 per ounce. End
US$1 = INR 88.60
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Reshma Ravi
Edited by Avishek Dutta
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