Silver on the rise: Emkay Wealth sees 20% upside in one year

Silver prices are expected to rise by 20% over the next year, reaching $60 per ounce, according to Emkay Wealth Management. The firm cited growing industrial demand and a persistent supply deficit of around 20% as key drivers.

“Increased preference for gold and silver over the US dollar by institutional investors and central banks is supporting precious metals,” said Ashish Ranawade, Head of Products, Emkay Wealth Management. “Silver is technically near breakout levels.”

Gold has delivered year-to-date returns of 61.82%, outperforming equities and bonds, while movements in the US dollar and anticipated rate cuts in the US remain important for price trends.

Investing amid global and domestic dynamics

India’s equity markets are valued on the higher side, yet domestic investors continue to deploy capital actively.

“India stands out in the global economic landscape,” said Joseph Thomas, Head of Research, Emkay Wealth Management. “Stock-specific opportunities remain abundant. PMS, AIFs, and active fund managers are likely to perform well.”

India’s projected growth of 6.2–6.3% in 2025–26 is supported by strong domestic consumption, GST rationalisation, easing interest rates, and favorable monsoon conditions.

Global trade pressures

Trade tensions, tariffs, and ongoing geopolitical conflicts, particularly in Ukraine and the Middle East, continue to strain global supply chains. The US auto industry has been affected by tariffs on Mexico and Canada, while India faces tariffs of up to 50% on exports to the US.

Despite these challenges, the IMF expects a moderate impact on global growth in 2025.

Investor takeaways

With industrial demand rising and supply deficits persisting, silver presents a case for diversification. Gold remains a safe-haven asset, supported by institutional interest, offering investors an option to hedge against currency and inflation risks.