Silver could rise another 20% after a remarkable 70% rally, Emkay says. This is why

Silver prices could reach as high as $60 per ounce in the coming year, reflecting a potential 20% year-over-year increase, according to Emkay Wealth Management. Emkay Global Financial Services’ wealth and advisory arm said the bullish outlook is driven by robust industrial demand amid an ongoing supply shortage that currently stands at 20% and is likely to continue in the near term.

Silver investors have already driven the metal to a blistering 90% gain through calendar year 2025. In the international market, silver prices have held steady around $49 per ounce, hovering around record highs, as political and economic uncertainties continue to fuel demand for safe havens. Comex Silver is up about 70% year to date, while MCX Silver is up about 71% in value.

Gold has also delivered strong returns and is outperforming most traditional asset classes. Gold has risen 61.82% since October 8, better than Indian stocks, which returned 4.2% as measured by the Nifty 500 TRI, and bonds, which rose 8.4% on the Crisil Short Term Bond Index. Precious metals prices, Emkay noted, remain closely linked to the movements of the US dollar, with expected US interest rate cuts likely to weaken the dollar and provide further support to gold.

“The increased preference for gold over the US dollar by institutional investors and central banks is behind the appreciation of precious metals,” said Ashish Ranawade, head of products at Emkay Wealth Management. “Supply and demand dynamics favor silver, which is technically near a breakout zone for all-time highs.”

On the equity front, Emkay Wealth said Indian equity valuations remain high. The Nifty 100 is currently valued at 21.8 times earnings, the Nifty Midcap 150 at 33.6, the Nifty Smallcap 250 at 30.43 and the Nifty Microcap 250 at 28.88. Despite high valuations, domestic investors continue to pour money into equities.

“Structurally, India is expected to be an outlier in the global economic landscape,” says Dr. Joseph Thomas, head of research at Emkay Wealth Management. “A wave of IPOs has expanded the market beyond what indices can achieve. Stock-specific opportunities remain plentiful, and we expect PMS, AIF and active fund managers to perform well.” Emkay Wealth believes that India’s compelling growth story is underpinned by features such as a large, fast-growing market, digital leadership, infrastructure expansion, reform momentum, the China+1 strategy and balanced geopolitical partnerships. Due to global disruptions caused by US tariffs and geopolitical conflicts, the International Monetary Fund expects global growth to be limited by only 0.5 percentage points in 2025. For India, growth is projected at 6.2-6.3% in 2025 and 2026, supported by domestic demand, VAT rationalization, interest rate cuts and higher consumer spending.

The Indian economy, Emkay added, continues to show resilience, with the manufacturing and services PMI reaching a 15-17 year high in August 2025, underscoring continued expansion across all sectors.

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