Silver Price Trend and Forecast 2026-2027

Market Overview

Silver prices in India, the highest-cost reporting region given physical import premiums, fell 32.8% in Q2 2026 to USD 58.50/OZ from USD 87.00/OZ in Q1, unwinding much of an extraordinary rally that had carried this market to a new all-time high above USD 120.00/OZ in late January. Prices across every region tracked in this report followed the same pattern, with China falling 32.7% to USD 58.20/OZ, Germany falling 33.0% to USD 57.30/OZ, and the United States falling 32.9% to USD 57.00/OZ. Globally, the average fell from USD 86.07/OZ in Q1 to USD 57.80/OZ in Q2, a 32.8% decline, unwinding a 69.6% surge recorded in Q1 alone. For H2 2026, this market's forecast has been revised down sharply, with one major bank now projecting USD 68.00/OZ in Q3 2026 and USD 74.00/OZ in Q4, down from earlier estimates near USD 84.00/OZ, even as the underlying structural supply deficit persists.

Silver is a precious and industrial metal traded globally on exchange markets including COMEX and the London Bullion Market Association, with pricing quoted in US dollars per troy ounce. It serves a dual role as both a monetary and investment asset, held through bars, coins, and exchange-traded products, and as a critical industrial input for solar photovoltaic cells, electronics, electric vehicle components, and other applications requiring high electrical conductivity. The market remains in a multiyear structural deficit, with demand exceeding mine supply by roughly 160 to 200 million ounces in 2025 alone, as limited new mining projects and tightening global inventories continue constraining available supply. Physical premiums in import-dependent markets like India and China have historically run above the core COMEX and LBMA benchmarks, reflecting local demand, duties, and logistics costs. Investment and safe-haven demand, industrial and solar photovoltaic consumption, and structural mine supply deficits are what drive prices in this market.

Silver Price Forecast for 2026

The outlook for Silver through H2 2026 has been revised down sharply from earlier in the year, with one major bank now projecting USD 68.00/OZ in Q3 2026 and USD 74.00/OZ in Q4, down from a prior estimate near USD 84.00/OZ, as growth in solar demand slows and higher yields, a stronger US dollar, and weaker investor demand weigh on precious metals more broadly. Even so, the underlying structural deficit, tightening global inventories, and continued electrification trends are expected to keep this market well supported relative to pre-2025 levels, with physical investment in bars and coins forecast to rise 18 percent in 2026 to its highest level since 2022.

The main upside risk is a resumption of the investment-driven rally that carried prices above USD 120.00/OZ in January, whether from renewed currency weakness, geopolitical shocks, or a disruption in major mining regions like Mexico or Russia, any of which could reignite sharp gains. The main downside risk is a further strengthening of the US dollar combined with higher-for-longer interest rates, which would continue dampening investment demand and could extend the current correction below the newly revised forecast range.

For the Quarter Ending June 2026

Silver Prices Q2 2026:

• India: USD 58.50/OZ
• China: USD 58.20/OZ
• Germany: USD 57.30/OZ
• United States: USD 57.00/OZ

Silver Prices in India

Indian silver prices averaged USD 58.50/OZ in Q2 2026, the highest of any region tracked here, down 32.8% from USD 87.00/OZ in Q1, unwinding much of the extraordinary rally that had carried this market to a new all-time high above USD 120.00/OZ in late January.

Why did the price of Silver change in Q2 2026 in India?

Profit-taking, easing tariff concerns, and a stronger US dollar continued triggering the metal's sharpest correction in decades, even as physical import premiums kept this market at the top of the range tracked in this report.

Silver Prices in China

Chinese prices averaged USD 58.20/OZ in Q2 2026, down 32.7% from USD 86.50/OZ in Q1, tracking the broader global correction.

Why did the price of Silver change in Q2 2026 in China?

Steady physical demand continued supporting this market even as the broader correction, tied to a stronger dollar and higher yields, pulled prices down sharply from the January peak.

Silver Prices in Germany

German prices averaged USD 57.30/OZ in Q2 2026, down 33.0% from USD 85.50/OZ in Q1, tracking the LBMA-linked European benchmark correction.

Why did the price of Silver change in Q2 2026 in Germany?

Higher yields, a stronger dollar, and weaker investor demand continued weighing on precious metals more broadly, pulling this market down in line with the broader global correction.

Silver Prices in United States

US prices, the lowest of the four regions, averaged USD 57.00/OZ in Q2 2026, down 32.9% from USD 85.00/OZ in Q1, as the COMEX benchmark corrected sharply from its January peak.

Why did the price of Silver change in Q2 2026 in United States?

Growth in solar demand slowed while higher yields, a stronger dollar, and weaker investor demand weighed on precious metals more broadly, driving this market's sharpest correction in decades.

For the Quarter Ending March 2026

Silver Prices Q1 2026:

• India: USD 87.00/OZ
• China: USD 86.50/OZ
• Germany: USD 85.50/OZ
• United States: USD 85.00/OZ

Silver Prices in India

Indian prices surged 68.9% in Q1 2026 to USD 87.00/OZ from USD 51.50/OZ in Q4 2025, as the rally extended to a new all-time high above USD 120.00/OZ in late January before profit-taking began.

Why did the price of Silver change in Q1 2026 in India?

That momentum carried into 2026, with silver extending its rally to a new all-time high above USD 120.00/OZ in late January, before profit-taking, easing tariff concerns, and a stronger US dollar triggered the metal's sharpest correction in decades.

Silver Prices in China

Chinese prices surged 69.6% in Q1 2026 to USD 86.50/OZ from USD 51.00/OZ in Q4 2025, tracking the broader global rally to record highs.

Why did the price of Silver change in Q1 2026 in China?

The silver market remained in a multiyear structural deficit, with demand exceeding mine supply by roughly 160 to 200 million ounces in 2025, and limited new mining projects and tightening global inventories meant the deficit was likely to continue into 2026, supporting the rally before the correction took hold.

Silver Prices in Germany

German prices surged 70.0% in Q1 2026 to USD 85.50/OZ from USD 50.30/OZ in Q4 2025, tracking the LBMA-linked benchmark's extraordinary climb.

Why did the price of Silver change in Q1 2026 in Germany?

Silver's impressive climb continued into 2026 on the combination of a weaker dollar, investment demand, and supply deficits, before profit-taking and a stronger dollar triggered the sharpest correction in decades.

Silver Prices in United States

US prices surged 70.0% in Q1 2026 to USD 85.00/OZ from USD 50.00/OZ in Q4 2025, as the COMEX benchmark extended its rally to a new all-time high above USD 120.00/OZ in late January.

Why did the price of Silver change in Q1 2026 in United States?

Silver entered 2025 trading near USD 29.00/OZ before embarking on one of its strongest rallies in decades, breaking above the long-standing USD 35.00/OZ resistance level before decisively clearing the historic USD 50.00/OZ threshold, with that momentum carrying into a new all-time high above USD 120.00/OZ in late January 2026.

Quarterly Silver Price Trends

Global Silver prices staged one of the most extraordinary rallies of any commodity tracked in this report, climbing from roughly USD 29.00/OZ entering 2025 to a new all-time high above USD 120.00/OZ in late January 2026, before profit-taking, easing tariff concerns, and a stronger US dollar triggered the metal's sharpest correction in decades, pulling prices back to the USD 56.00-58.00/OZ range by June.

What was Silver Price in 2025?

Silver staged a record-breaking rally across every market covered in this report through 2025, with prices gaining more than 55 percent in every region tracked here as a weaker dollar, strong investment demand, and a persistent structural supply deficit propelled the metal from roughly USD 29.00/OZ toward a new all-time high, a rally that continued accelerating into an even sharper spike in early 2026 before the correction that followed.

Silver Prices in India in 2025

Indian prices surged from about USD 33.00/OZ in Q1 2025 to USD 51.50/OZ by Q4, a gain of roughly 56.1%, before the continued extraordinary climb that followed into 2026.

Silver Prices in China in 2025

Chinese prices surged from about USD 32.80/OZ in Q1 2025 to USD 51.00/OZ by Q4, up roughly 55.5%, tracking the broader global rally through the year.

Silver Prices in Germany in 2025

German prices surged from about USD 32.20/OZ in Q1 2025 to USD 50.30/OZ by Q4, a gain of roughly 56.2%, matching the strongest annual increase of the four regions.

Silver Prices in United States in 2025

US prices surged from about USD 32.00/OZ in Q1 2025 to USD 50.00/OZ by Q4, up roughly 56.2%, as the metal hit a new all-time high of USD 55.51/OZ on October 14, 2025, before the rally continued further into 2026.

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Expert Market Research: Your Source for Real-Time Silver Price Intelligence

Expert Market Research tracks Silver prices continuously across every major exchange and physical market, combining investment and safe-haven demand data, industrial and solar photovoltaic consumption signals, and structural mine supply deficit trends into a single, regularly updated view of the market. Our team can help your procurement function benchmark current offers, plan purchases around the extraordinary volatility covered in this report, and build a defensible view of where this essential precious and industrial metal is headed next. Reach out to our team for a tailored briefing or a deeper look at any of the regional markets covered here.