'Silver Story Just Beginning': Vedanta's Anil Agrawal Stays Bullish After Metal's 125% YTD Surge

Vedanta Group Chairman Anil Agarwal continues to remain bullish on silver, even as a section of analysts have cautioned about a potential correction in the aftermath of the record surge in 2025.

According to Agarwal, silver's "shine" will stay even if the prices fluctuate temporarily. The metal, he highlighted, has already emerged out of the shadows of gold by delivering double the returns as compared to the latter.

“This year, silver has emerged from the shadow of its precious metal sibling, gold. What a year for silver, with year-to-date appreciation of 125% in dollar terms. In comparison, Gold, which also had a very good year, appreciated by 63%, half of silver's returns. And the silver story is just beginning,” he posted.

Agarwal highlighted silver’s unique dual appeal, which is both intrinsic value and functional demand.

“New technologies, whether in solar cells or defence, use silver as a key component. As the only producer of silver in India, we have seen this first-hand at HZL,” he added, underscoring its growing industrial relevance.

“Prices will go up and down, but silver’s extraordinary shine is here to stay,” Agarwal summed up.

Silver’s rally reaffirmed its reputation for momentum-driven moves, but experts caution that volatility is part of the package. “Corrections of 28% to 30% cannot be ruled out, particularly if ETF-driven demand weakens,” noted Kedia Advisory. Despite this, analysts project a 20% to 25% upside for 2026, with MCX prices expected in the Rs 2,45,000 to Rs 2,50,000 range and global prices hovering around $72.5 to $74 per ounce.

Structurally, silver’s role as a “digital-age metal” is strengthening, thanks to industrial demand from clean energy, solar, data centers, and electrification. This functional utility sets silver apart from gold, which remains primarily a store of value.