Silver could touch $60 an ounce before year-end, says Amrapali Gujarat’s Chirag Thakkar

Silver prices may continue their record-setting rally and touch as high as $60 an ounce before the end of 2025, said Chirag Thakkar, CEO of Amrapali Gujarat, as global liquidity pressures and strong retail demand keep the metal on the boil.

“We have already reached our targets—what we were anticipating, that it could come to these levels. But at these levels, the liquidity crunch in the London markets is actually driving prices crazy,” Thakkar told CNBC-TV18. “If we sustain above $50, we could see some sharp moves, possibly $55 and maybe even $60 before the end of this year.”

On Monday, October 13, silver rose as much as 2.6% to hit $51.59 an ounce, swinging near a record as a historic short squeeze in London and renewed US-China trade tensions roiled the market. The price surge in silver came alongside a fresh peak in gold, while fears of potential White House tariffs on other precious metals sent platinum and palladium sharply higher.

Thakkar said the London markets are currently trading at a premium of more than $2 to New York, reflecting tight supply and aggressive buying by global funds. “The New York markets are almost trading at a discount, while the London markets are at a premium… there’s a short squeeze happening globally. All the global ETFs, including Indian ETFs, are buying heavily, and there’s a lot of retail buying happening,” he said.

In India too, physical and digital demand for silver has surged sharply despite elevated prices. Thakkar noted that buyers are largely unfazed by the recent spike. “When I speak to my clients, the feedback I’m getting is—come what may, they’re looking at ₹2,00,000 for prices, and they just want the metal,” he said, adding that the 1 kg bar is currently the most popular format among retail investors.

India’s silver imports are expected to remain steady this year, between 5,000 and 5,500 tonnes, Thakkar said. Premiums, currently hovering between $1.5 and $2 over the spot price—roughly ₹14,000 to ₹15,000 over the MCX rate—could normalise in three to four weeks as the market stabilises.

Thakkar expects silver to find strong support around $46 an ounce if prices correct. “We saw support at $46 before the London market opened last week. If it comes to those levels again, there will be a lot of buying interest,” he said.

With global supply tight and investor appetite robust, silver’s rally shows few signs of fading—and according to Thakkar, “the metal still has room to shine brighter before the year closes.”