National News
Gold prices touch Rs 1 lakh/10 gm mark: AUGMONT BULLION REPORT
Gold prices reached a record high of $3397 (~Rs 96747) on exchanges and nearly Rs 1 lakh in the spot market after adding 3% GST. Concerns over global economic growth as a result of the escalating Sino-U.S. trade war are driving the rise, with a weaker dollar adding to the momentum.
Fundamentally, markets are pricing in increased geopolitical risks, fueled by U.S. trade tensions and stagflation concerns, while persistent central bank demand adds to price pressures. On April 2, US President Donald Trump imposed “reciprocal tariffs” on dozens of countries, and while his administration has suspended duties for some, it has escalated its trade war with China.
China cautioned countries on Monday not to strike a bigger economic deal with the United States at its expense, a move Trump is allegedly looking for from countries seeking tariff reductions or exemptions. Meanwhile, Trump launched a slew of attacks on Federal Reserve Chairman Jerome Powell on Thursday, as his administration considers firing him.
On the geopolitical front, Russia and Ukraine accused one other of hundreds of strikes that breached President Vladimir Putin’s one-day Easter ceasefire, with the Kremlin claiming there was no instruction to extend the pause in frontline fighting.
The next potential milestone for gold could be around $3500 (~Rs 100,000) if this rally continues further, but positioning may appear crowded in the short run, and technical indications suggest near-term overbought circumstances. However, one must exercise extreme caution because prices have skyrocketed in a relatively short period. If prices fall below $3300 (~Rs 94300), profit-booking can lower prices to around $3100 (~Rs 90000). Silver prices have been trading in the range of $32 (~ Rs 94000) and $33 (~ Rs 97000) and to to continue same range in the coming week
National News
World Silver Survey 2026: A Transformative Era For The Silver Market, Characterized By Extreme Price Volatility
Landmark Year Where Supply-Demand Imbalances Finally Triggered Explosive Price Action
The World Silver Survey 2026 details a transformative era for the silver market, characterized by extreme price volatility, a shifting industrial landscape, and a definitive end to the era of “unlimited liquidity.” After years of structural deficits, 2025 emerged as a landmark year where supply-demand imbalances finally triggered explosive price action.
Price Performance and Market Dynamics
Silver witnessed a spectacular ascent in 2025, surging from under $29/oz to a December peak of $84/oz. This momentum culminated in an all-time record of $121.60/oz in January 2026, before a hawkish Federal Reserve pivot and geopolitical conflict in Iran induced a sharp correction. Despite this volatility, the gold-to-silver ratio compressed significantly, reaching a decade-low of 55:1 by late 2025, signaling silver’s outperformance relative to gold.
Supply: Record Margins and Recycling
Global mine production rose 3% to 846.6 Moz in 2025. Growth was fueled by high-grade ramp-ups in Chile, Peru, and Russia, offsetting a 5% decline in Mexico caused by regulatory shifts and falling grades. Notably, primary silver mines now account for only 26% of global supply, leaving the market increasingly dependent on by-product output from copper and gold operations.
While production rose, the real story lay in profitability. Record gold prices boosted by-product credits, driving silver miners’ All-In Sustaining Costs (AISC) down to $12.21/oz. This created a staggering 75% increase in profit margins, with nearly the entire primary silver sector remaining profitable. Additionally, recycling hit a 13-year high of 197.6 Moz, though refinery bottlenecks limited its full impact.
Demand: A Tale of Two Sectors
For the first time since the pandemic, total silver demand contracted by 2% to 1,130.6 Moz. This was driven by two main factors:
- Industrial Thrifting: Industrial demand fell 3%, primarily due to the solar industry. As silver costs spiked to 20% of cell manufacturing costs, manufacturers accelerated “thrifting” technologies, reducing silver loading in photovoltaic (PV) cells.
- Price Sensitivity: High prices crushed jewelry and silverware demand, particularly in India, where fabrication dropped 20%.
Conversely, physical investment remained robust. Demand for coins and bars rose 14%, led by a massive 33% surge in India and a doubling of investment demand in China.
The Liquidity Squeeze and 2026 Outlook
A critical theme of the report is the structural fragility of inventories. In October 2025, a convergence of ETP inflows and physical demand led to a liquidity squeeze in London, sending overnight lease rates to 200%. With London’s non-ETP stocks hitting record lows, the market proved it no longer has a “buffer” for sudden demand spikes.
Looking ahead to 2026, Metals Focus projects a sixth consecutive deficit of 46.3 Moz. While industrial and jewelry demand may continue to soften under price pressure, silver’s new status as a U.S. Critical Mineral and its growing role in AI data centers provide a strong floor. The market remains in a state of “permanent deficit,” where cumulative shortfalls (totaling 716 Moz over five years) ensure that silver remains a high-stakes, strategically vital asset.
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