Silver likely to outperform gold in near term, says Kedia Advisory
This story was originally published at 15:03 IST on 24 February 2026
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MUMBAI – Silver futures are likely to outperform gold in the near term, mainly due to lower relative valuation to gold after the dramatic correction last month, according to Kedia Advisory. If silver prices stay above $75 per ounce on the COMEX, they could see a sharp move towards $94.50 per ounce in the coming four to six weeks, the brokerage said in a report.
Silver prices are also likely to outperform due to ongoing industrial demand particularly from solar energy, electric vehicles, and electronics, while persistent supply tightness adds further upward pressure. At the same time, participation in exchange traded funds has been recovering and silver's lower relative valuation versus gold following its correction enhances its appeal. "Gold remains supported by macro uncertainty and currency risk, but silver typically outperforms in mid-cycle or recovery phases when liquidity stabilizes," Kedia Advisory said.
Silver is also likely to outperform due to a decline in the gold-silver ratio. "The Gold–Silver Ratio (GSR) has historically traded within a broad band of 45–85 over the last five decades. Extremes beyond this range have often marked major cyclical turning points in bullion," the report said.
During the COVID panic phase, the gold-to-silver ratio surged to 126.55, reflecting extreme risk and heavy preference for gold over silver. From that extreme level, the ratio has declined sharply, signalling the beginning of a significant silver outperformance cycle. "By January 2026, the ratio collapsed toward the 44–45 zone, validating the structural support region that historically does not sustain on the downside. The rebound from 45 toward 72.50 (Feb. 6 high) marked a corrective phase in silver, accompanied by a deeper retracement in silver versus gold," it said.
In conclusion, "the techno funda alignment--oversold ratio, structural support zones, and improving silver technical & fundamentals--indicates that the next directional move may favor silver dominance once again," Kedia Advisory said.
At 1402 IST, the most-active March silver contract on the COMEX was up 1.2% at $87.60 per ounce and the same-month contract on the MCX was up 0.4% at INR 266,500 per kilogram. End
US$1 = INR 90.96
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Reshma Ravi
Edited by Ashish Shirke
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