Citigroup analysts expect silver prices to rise beyond $40 per ounce in the coming months as physical supplies tighten and investment demand grows. Analysts at Citigroup increased their three-month silver price forecast from $38 to $40 in a report recently. The gold-silver ratio has been flashing a breakout signal in silver prices.

Silver currently trades at $38, up over 3% in the last 1 month. With a 24% increase in the past year and a 30% year-to-date increase, silver prices have risen to their highest level in over 13 years. Silver prices will rise by 5% to $40 over the short term, and by 13% to $43 over the next 6-12 months, according to Citi projections.

according to Citi analysts, it is ‘not just a catch-up trade to gold,’ but also reflects solid silver fundamentals. Silver, a crucial industrial commodity and monetary asset, is playing an increasingly significant role in solar power, electronics, and electrification, accounting for over half of global demand.

Citi is not as bullish on gold’s future, which has risen by more than 27% in 2025 due to robust central bank purchases and exchange-traded fund inflows.Back in June, Citibank predicted that following a record-breaking gain, the price of gold is expected to reverse shortly and in the upcoming quarters, gold will drop below $3,000.

In India, silver traded at ₹119 per gram and ₹1,19,000 per kilogram. On the Multi Commodity Exchange (MCX), silver touched a record high of ₹1,15,136 per kg in the previous session.

Globally, spot silver edged up 0.3% to $38.24 per ounce after hitting its highest level since September 2011 on Monday (July 14).

Weakness in the rupee also kept domestic prices elevated. If the rupee slides further against the dollar while global prices stay stable, silver will get more expensive for Indian buyers.