Silver has been in gold ‘s shadow.

In times of macroeconomic uncertainty and risk-aversion, investors turn to the yellow metal whenever they seek safety. In contrast, silver is considered highly volatile, industrial, and cyclical.

But this perception has begun to change over the past year.

During the last 5 years (ending 12 October 2025), silver has given 157% returns , rising from Rs 62,625 to Rs 161,133 at a 14-year high.

And in the last one year, it has given a 78% return, surpassing gold’s return of around 55%.

Silver – 1 Year

The rally has sparked renewed interest among investors, prompting a closer look at what’s driving silver’s strength and whether the momentum can be sustained.

The Changing Narrative Around Silver

Traditionally, Silver’s price has been linked to b

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