Silver is showing signs of renewed strength after a decade of slow activity, according to Prithviraj Kothari, President of the India Bullion and Jewellers Association Ltd. (IBJA). Kothari sees $40 per ounce as a base price for silver and expects it could rise to $70 per ounce within a year.

“I am more bullish on silver than on gold,” he added.

On the gold front, Kothari noted robust buying activity in the market, driven by geopolitical tensions, central bank policies, and efforts towards de-dollarisation. He also observed that some investors are selling cryptocurrency holdings to purchase gold.

“Everyone is buying, no one is selling in the market right now,” he said.

Gold prices have risen by nearly $200 in the past week. Kothari projected that gold could reach $3,700–$3,800 per ounce by the end of 2025 and might even touch $4,000–$4,500 per ounce in the longer term.

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Physical demand for gold remains strong, and gold-backed exchange-traded funds (ETFs) are accumulating metal. Similarly, silver is also seeing significant accumulation in ETFs.

Commenting on market liquidity, Kothari said there are no concerns. A good monsoon has led to new crops and increased cash flow in the market, which he believes will not negatively impact imports.

For the full interview, watch the accompanying video

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