Silver’s strategic shift: India emerges at the centre of a global reset

By Prem Nath – ET Insights

The global silver market is undergoing a structural shift, with India increasingly central to this transition. Historically, silver has been viewed through a narrow lens, largely in relation to gold and its traditional role as a precious metal. That framing is now evolving. What is unfolding in 2026 is not just a movement in prices, but a fundamental shift in how the silver market itself is structured, valued, and utilized.

At first glance, the narrative appears familiar. Demand linked to the energy transition, electronics, and electrification continues to support the metal. But a closer look suggests something more nuanced.