Here is the price of silver for the past 5-years (2021-2026) approximately
| Year | Price per Kg (USD) | Price per kg Inr | Growth (Annual) |
| 2021 | 808 | 62,500 | -13% |
| 2022 | 700 | 55,100 | -11% |
| 2023 | 752 | 78,600 | +22% |
| 2024 | 915 | 95,700 | +21% |
| 2025 | 2450 | 2,39,000 | +129% |
| 2026(Jan) | 3022 | 3,15,000 | +32% |
Just by looking at the above data you might have already got some idea how much the price of silver has gone up from 2023 onwards. So down below we will discuss why the price of silver has gone up rapidly with timeline.
- 2021-2022: – This is the post-pandemic phase. Everybody can understand why the silver price is low here. The world has come to a halt due to corona virus. Import, export and manufacturing low during this period.
- 2023-2024: – Manufacturing was starting to catch up again. During this period EV, solar panel and AI are in the front and all this sector required silver.
- 2025-2026: – If you read news or just used the internet you will know how president Donald trump has change the game. With all these tariff and geopolitical tension people want to invest in safe like gold and silver.
Is that the only reasons you might ask?
The answer is No. Silver market is currently in deficit. Even if there is no geopolitical tension silver price will go up ,though geopolitical tension also play a huge role.
To help you better understand. Here is the yearly deficit from 2021-2026.
| Year | Market balance (million ounces) | Market balance (metric tons) | Market status |
| 2021 | -89 moz | -2768 tons | Deficit |
| 2022 | -272 moz | -8459 tons | Deficit |
| 2023 | -210 moz | -6531 tons | Deficit |
| 2024 | -151 moz | -4696 tons | Deficit |
| 2025 | -117 moz | -3639 tons | Deficit |
| 2026(Jan) (projected) | -230 moz | -7154 tons | Deficit |
So now you know why I said silver price will go up even without geopolitical tension.
Here is the fun fact
- in 2025 India bought 7100 to 7400 metric tons of silver. That is India alone absorbed more than 20% of the entire world’s annual mine production.
- From January 2026 China has tighten the regulation for the export of silver.
- https://www.cnbc.com/2025/12/31/china-silver-export-controls-2026-us-economy-prices-rare-earths-critical-minerals-xag-metals.html
Will the demand for silver increase?
Yes, the demand for silver will not just increase it will accelerate. Right now, the global trend is Green energy, EV, AI and Data Centre. What they have in common is all of them require silver to keep the industry running. So, it’s no wonder why the price of silver is up.
Note: – I am not a financial advisor. Do research and make your own decision.