National News
Global silver market forecast to remain in a sizeable deficit in 2025
1. Market Deficit Dynamics
Fifth Consecutive Deficit:
The silver market is projected to remain in a deficit of 149 million ounces (Moz) in 2025, marking the fifth straight year of supply shortfalls. Though the deficit shrinks by 19% year-on-year, it remains statistically significant, signaling persistent structural imbalances.
2. Industrial Demand Drivers
Record Industrial Use:
Industrial fabrication grows 3% to over 700 Moz, driven by:
- Green Economy: Photovoltaics (PV) installations hit new highs globally, despite potential U.S. policy headwinds under Trump.
- Automotive Sector: Vehicle electrification and semiconductor expansion boost silver use, even with slower EV growth.
- AI and Electronics: Artificial intelligence drives demand for consumer electronics.
3. Jewelry and Silverware Weakness
Price Sensitivity:
High silver prices lead to a 6% drop in jewelry demand globally.
The session saw a power packed panel of experts that comprisedSurendra Mehta, National Secretary- IBJA,Ranjith Singh,Head of Business Development, IIBX, Shweta Dhanak, Director – Vijay Exports,S Thirupathi Rajan, MD Goldsmith Academy, Shivanshu Mehta, SVP & Head Bullion-MCX.The session was moderated by Chirag Seth, Principal Consultant, Metals Focus.
Some salient points made by the panelists:
- Gold prices are not linked to consumer demand. They are linked to central bank buying and ETFs
- Till the banking system doesn’t collapse, gold price will continue to rise
- Jewellers were advised to use a mix of futures and options for risk mitigation
- Given the current situation manufacturers selling on credit or unfavorable deals could be fatal flaw for business.
- Precious metals forecast: Surendra Mehta said he sees gold in 2026 in $4900-5100 range and silver in $90-105.Looking further he said by 2030-2035 gold could touch $18000- 20000 and silver could reach $500. Chirag Seth predicted silver touching $105 this year and gold moving in the $ 5200- $ 5500.
Gold & Precious Metals – A future outlook
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