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Informist, Tuesday, Jun. 9, 2026

 

NEW DELHI – Silver prices are likely to fall further in the near-term amid net outflows from silver exchange-traded funds, a strong dollar, and weak industrial growth, Kedia Advisory said Tuesday. Silver prices have fallen by over 44% from the record high of $121 per ounce in January. With prices currently hovering around $68.94 per ounce, Kedia Advisory has placed critical support at $62.55 per ounce. 

 

"Silver has written one of the most extraordinary chapters in commodity history — a 305% rally from $17.50 (November 2022) to $121.65 (January 2026). That chapter is now closed," Kedia Advisory said, adding that prices have largely entered a correction phase. "The five-month correction is not a buying dip — it is a structural corrective wave supported by Elliott Wave theory, DXY (dollar index) recovery, GSR (gold silver ratio) reversal, ETF outflows, and Fed policy headwinds," the brokerage said. 

 

If silver prices fall below the critical support of $62.55 amid accelerated ETF outflows, a rising dollar index, and weakening industrial growth, they could decline to $53-$54 and test $48.6 by September, Kedia said. Every 1% rise in the dollar index will likely pose 1.5–2% headwind for silver prices, Kedia Advisory said. Gold prices have also corrected from record highs of $5,600 per ounce, removing the "shadow metal" tailwind amid a pause in de-dollarisation demand. 

 

However, the brokerage did not rule out scenarios in which silver prices will recover to $77-$85 per ounce over the next three months. If "silver holds above $62.55 and reclaims $70 weekly close. DXY (dollar index) fails at 101–102. Fed pivots. GSR (gold silver ratio) reverses from 63–65, and ETF inflows return. Weekly close above $78 would neutralise bearish structure and signal... recovery to $77–$85," Kedia said. "The defining test over the next three months is the $62.55.... Until $77–$78 is reclaimed on a weekly close, every rally is a selling opportunity," it added.  End

 

US$1 = INR 95.35

 

Reported by Afra Abubacker

Edited by Saji George Titus

 

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