New Delhi, Oct 19 (PTI) Silver price is likely to remain steady trading around USD 55 per troy ounce level until December this year, as turmoil in the global trade and lack of steadiness in other investment
avenues fuel the chase for safe-haven assets, said Arun Misra, CEO of Vedanta group firm Hindustan Zinc Ltd (HZL).
The company is among the top five primary producers of silver globally and the country's biggest producer of the white metal.
"...I had predicted 46 dollars per troy ounce by January, but that has been outsmarted and we have already crossed that milestone and the predictions are it can be anywhere between 50 to 55 dollars per troy ounce by December, and it will remain steady at that for considerable time," Misra told PTI in an interview.
In the international market, silver price hit a record of USD 54.49 per ounce on Thursday. It, however, declined 4.36 per cent to settle at USD 51.90 per ounce on Friday.
Misra explained that the turmoil in the global trade and because of the lack of steadiness of the other instruments of investment, people are flocking to precious metals as well as base metals for investment.
He further said that the rising prices of metals like zinc are also a reflection of people's faith in these assets.
Other reasons for the sharp increase in the price of silver is of course its short supply and continued focus of solar energy all across the globe.
"So, as far as the renewable power push is concerned, that is not becoming less. So, that is becoming more....China is converting large desert area into solar power generation all across, as a method of not only generating renewable power, but also to prevent desertification. So, that's also a two-pronged approach they have taken. So, more and more solar energy means more and more solar panel manufacturing and silver consumption will be there," he explained.
The company produced 687 metric tonnes of silver in FY25 and 293 metric tonnes in the first half of the ongoing financial year.
India imported 3,000 tonnes of silver by the third quarter of 2025, reflecting resilient demand despite elevated prices, Motilal Oswal Financial Services Ltd (MOFSL) has said.
Silver's surge has been driven not just by investor demand but also by industrial use in solar energy, electric vehicles and AI hardware, leading to a persistent market deficit. The gold-silver ratio has narrowed to around 81-82 from 110 earlier this year, signalling silver's relative strength, according to experts. PTI SID HVA
