Soaring Silver: The Next Gold or a Temporary Trend?

Gradually, the demand for silver has risen a lot in India, a country historically referred to as 'Sone ki Chidiya' (the Golden Bird). Although both metals are considered safe assets and are widely preferred for jewellery, silver is required for the production of major industrial items such as solar panels, electronics, and Photovoltaic cells. Silver demand will likely rise in the coming few years, and so will the imports. Following the tariffs imposed by the Trump administration, geopolitical risks have significantly increased. In 2023, India's total imports of silver stood at 3,625 metric tons. In 2024, the figure stood at approximately 7,669.40 metric tons, more than double that of 2023. According to the Silver Institute, global silver demand has risen by more than 35% since the COVID-19 outbreak. As per analysts, the trend could gain momentum in the near future.