Silver Hits All-Time High: After Silver surged to outrun gold and hit an all-time high of $69.98, Vedanta Group Chairman Anil Agarwal noted that the devil’s metal recorded year-to-date appreciation of 125% in dollar terms.
Taking to X, Anil Agarwal penned, “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.”
The price hike in both silver and gold comes amid a weaker dollar and persistent geopolitical uncertainty.
Markets are currently pricing in two interest rate cuts for 2026 as reports of Trump naming a new Federal Reserve chair early next year reinforce expectations for dovish monetary policy.
Besides global cues, silver’s surge is buoyed by structural demand given its practical usage in key sectors ranging from electric vehicles (EV) solar energy, electronics, and artificial intelligence (AI) data centres has pushed industrial consumption to record levels.
Bullion has climbed more than 70% this year as investors seek refuge amid global tensions and lower interest rates.
Further, Agarwal noted, “The silver story is just beginning. It is unique because it is the only metal which has an intrinsic value and also a 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.”
On Tuesday, the Spot silver advanced 0.9% to $69.63 per ounce after touching a record high of $69.98 earlier.
“Prices will go up and down, but silver’s extraordinary shine is here to stay,” he said.