After a staggering 80% surge in 2025, silver prices staged a 2% recovery on October 23, 2025, climbing to just above $49 per ounce following a recent sharp decline. The rally, driven by macroeconomic factors such as rate-cut expectations, deficit concerns, and a historic supply squeeze in London, has paused as traders engage in profit-taking and signs of market consolidation emerge. Kotak Securities identifies immediate resistance at $50, with further hurdles at $50.54 and $52.31, while support levels lie at $48.23, $47.68, and $45.92 if selling intensifies.
In India, MCX silver traded at Rs 1,48,352 per kg, with resistance pegged at Rs 1,50,959, Rs 1,52,569, and Rs 1,57,783, and support at Rs 1,45,745, Rs 1,44,135, and Rs 1,38,921, according to Kotak Securities. The metal’s gains have been bolstered by robust demand, particularly during the festive season, and a tightening global supply. Notable physical market movements include a significant one-day outflow from Shanghai vaults, the largest since February, and declining stockpiles in New York, with London benchmark prices now surpassing New York futures, prompting shipments to the UK.
Despite the rebound, analysts remain divided on silver’s near-term trajectory. Ole Hansen of Saxo Bank told Bloomberg that cautious trading reflects concerns over a potential correction, but underlying demand could limit any pullback, signaling the market’s resilience. Conversely, Gautam Shah of Goldilocks Global Research advised that investors should consider booking profits, warning of aggressive selling as both silver and gold cool off from their highs.
Also Read: Election Commission Set to Launch Major Voter Roll Overhaul This November
The interplay of tightening supply and festive demand in markets like India continues to support silver’s long-term appeal. However, with technical resistance levels looming and mixed analyst outlooks, investors are advised to monitor key price thresholds closely as the metal navigates this critical juncture.
Also Read: EU Plans to Use Russian Frozen Billions to Finance Ukraine’s War Despite Legal Risks