Silver continued its impressive rally on Thursday, rising over 2% to reach Rs 1.93 lakh per kilogram on the MCX, following the US Federal Reserve's third consecutive 25-basis-point rate cut, which lowered the federal funds rate to 3.50–3.75%. This dovish monetary stance has bolstered the metal's momentum, following an already bullish trend driven by high industrial demand and tightening supplies. Globally, silver peaked at $63 per ounce on December 11, marking a notable increase of 113% this year due to stronger physical demand and significant ETF inflows.

As domestic MCX futures reach new heights, investors are curious if silver will achieve the Rs 2 lakh-per-kg milestone before 2026. Analysts view the current momentum as a mix of structural factors and market sentiment. Rahul Kalantri from Mehta Equities has identified near-term support at $61.50–60.85 and resistance at $62.95–63.45, while noting that breaking above Rs 1,90,000 on MCX has strengthened the market's technical outlook. Kalantri suggests that, as long as Rs 1,83,000 acts as support, prices could rise toward Rs 1,92,000–1,95,000, potentially reaching Rs 2,00,000 or more by early 2026.

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Jigar Trivedi from Reliance Securities also supports this bullish view, highlighting macroeconomic factors and persistent trade uncertainties that reinforce upward price pressure. Traders are facing a tightening market due to declining inventories and constrained spot availability. The rise in industrial consumption—especially in sectors like solar energy, electric vehicles, and electronics—contributes to this tightening supply scenario. Looking forward, Kotak Securities anticipates silver prices could climb to $70–75 by 2026, depending on the evolving dynamics of demand and supply. Whether silver reaches Rs 2 lakh before 2026 is still uncertain, but the current outlook appears promising.

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