Silver Prices Likely to Rise One-Fifth to Rs 2.4 Lakh/kg in 2026: Axis Securities

Recently silver price in India has gone above the Rs 2 lakh per kilo limit, and the Axis Securities predicts that the white metal will continue to increase its price significantly. According to analysts, silver is now coming out of the period of multi-year consolidation and entering the first phase of the long-term structural upswing.

Silver Price Forecast 2026

According to Axis Securities, a short-term price drop to the Rs 1.7–1.78 lakh/kg range should be seen as an opportunity by investors for gradual accumulation with a target price of approximately Rs 2.4 lakh per kilogram in 2026. The price increase is attributed to industrial use as well as monetary conditions that are most favorable, and the event is being characterized by analysts as a rare occasion of silver's historic pricing.

The monthly charts show that a Rounding Bottom breakout pattern is forming between 2011 and 2025. The white metal has successfully passed the $50 barrier and has reached a new maximum of $64, and the next is resistance estimated to be $65–$67.

Structural Deficit and Industrial Demand

Market conditions point towards a structural deficit in silver supply. The traditional relationship of silver with gold has gradually become weaker, which signals a decoupling caused by supply restrictions and industrial development.

The green energy sector is one of the areas of major growth causing increased demand, especially in solar photovoltaics with the figures rising from 94.4 million ounces in 2020 to 243.7 million ounces in 2024, which is approximately 21% of the total demand. This increment in industrial usage is one of the core reasons behind the bullish long-term trajectory of silver.

Technical Analysis and Forecast

Technical indicators confirm strong macro momentum:

The EMAs of 20 months and 60 months are still on the rise, and this is a sign of an early-stage uptrend.

The current silver prices are considerably above the long-term EMAs, thus implying strong upward momentum.

The monthly RSI is getting close to the overbought area but is still in a historically healthy zone, which usually indicates prolonged rallies rather than exhaustion.

Axis Securities predicts that if monthly closing for price stays above $67 for a long time, there can be a multi-year move up to $76–$80, whereas, any pullback to $65 vicinity can act as a buying opportunity. On the contrary, as long as the $50 support remains unbroken, silver prices will continue to have a bias towards the positive.

Conclusion

Through the mix of structural deficits, increased industrial demand, and positive technical indicators, silver is ready to have a major rally in 2026. Investors would need to be very careful and smart enough to use the coming short-term dips as strategic accumulation points to ride the expected long-term uptrend.