Archive · 12 Sep 2026
Silver Could Reach Rs 3.25 Lakh, But Peak Remains Distant
Navneet Damani thinks silver prices can still rise.
He estimates silver could reach about Rs 3.2–3.25 lakh in the domestic market.
In the best case, it could move closer to Rs 3.50 lakh.
However, he does not expect silver to quickly return to its January peak.
He said the earlier jump was partly caused by heavy speculation and ETF buying.
He believes that kind of strong buying may not happen again soon.
Gold appears stronger than silver in his outlook.
Both metals could benefit as festive demand approaches and the broader market remains supportive.
Navneet Damani said silver could rise to roughly Rs 3.2–3.25 lakh domestically, equivalent to $90–95 per ounce internationally.
He said silver might extend toward Rs 3.50 lakh at best, but a return to its January peak appears unlikely soon.
Damani attributed silver’s earlier surge to speculative activity, excessive froth and substantial ETF buying.
He expects the earlier ETF-led momentum to be difficult to reproduce in the near future.
Gold is expected to outperform silver, although both metals may rise together amid a supportive macroeconomic backdrop.
- Who
- Navneet Damani, who provided the market outlook.
- What
- Silver may rise toward Rs 3.25 lakh, with a possible best-case move toward Rs 3.50 lakh, while gold is expected to have stronger upside.
- When
- The outlook concerns the near and medium term; the article does not give a specific date.
- Where
- The forecast applies to silver in the domestic market and compares it with international prices in dollars per ounce.
- Why
- Damani said the earlier rally was driven partly by speculative activity and ETF buying, momentum that may be difficult to repeat soon.
- Analyst
- Navneet Damani
- Silver target
- Approximately Rs 3.2–3.25 lakh domestically
- International equivalent
- About $90–95 per ounce
- Best-case upper band
- Rs 3.25–3.50 lakh
- Earlier rally drivers
- Speculative activity, market froth and ETF buying
- Relative outlook
- Gold is expected to have stronger upside than silver
- Market backdrop
- Festive demand and a supportive macroeconomic setup