Silver price prediction and forecast for 2026–2027

Bank forecasts for silver

India figures convert each forecast at today's exchange rate (₹96.47 per dollar) with 15% import duty and 3% GST. They move with the rupee. J.P. Morgan cut its 2027 forecast by about 26%, from $85.80, in August 2026.

What any silver price would mean in India

Use this table to turn any prediction you read into rupees. Today silver is $59.43 an ounce, or ₹2,18,319 per kg in India.

The case for higher prices

• Lower interest rates: silver pays no interest, so it tends to do better when the US Federal Reserve cuts rates and real yields fall. UBS's bullish view rests largely on eventual Fed easing.
• Following gold: investment money often moves into silver after a strong run in gold, as it did in 2025.
• Tight local supply: India's licence requirement for 99.9% silver bar imports (since May 2026) and China's import licensing can squeeze local supply and lift local premiums.

The case for lower prices

• Thrifting in solar panels: manufacturers have cut how much silver each panel uses. Analysts estimate solar demand fell about 19% in 2026, to around 151 million ounces, after 2025's record prices.
• Rate-hike bets: expectations of higher US rates and oil above $100 weighed on silver through September 2026.
• Volatility: after rising from about $46 to over $121 in four months, silver gave back most of the gain. Big rallies can unwind quickly.

What to watch in India

• The Federal Reserve: each rate decision moves the dollar and silver.
• The rupee: at ₹96.47 per dollar today; a weaker rupee raises the Indian price even if the world price is flat.
• Import duty: 15% since 13 May 2026. A cut would lower Indian prices overnight, as it did in July 2024.
• Festival demand: Dhanteras (6 November) and the wedding season can lift local premiums.
• The Shanghai premium: +16.1% today, a gauge of Chinese demand. Live premium.

Past prices give context but not a forecast: see silver price history since 2004.