Silver prices fell 2.56% to 109.972 as the Federal Reserve decided to keep interest rates at 4.25% to 4.5%. Compared to previous forecasts, markets now expect only 35 basis points of easing by the end of the year.
In the first half of 2025, retail investment in India grew by 7% year-on-year on optimistic price expectations. However, this is still below its peak in 2020–2022. Global silver ETP inflows in the first half rose to 95 million ounces, which is already higher than last year’s total and has pushed total reserves to 1.13 billion ounces – just 7% below the all-time high.
Industrial demand remains a key pillar of strength, expected to rise 3% to cross 700 Moz for the first time, bolstered by green energy applications. However, jewellery demand is expected to decline 6%, with India facing a double-digit decline due to higher local prices.
