Silver expected to bounced back to the US$ 52-US$53 levels and thereafter may move towards the next targets of US$ 58 and US$ 62, strong support at US$ 47.60.: Emkay Wealth Management
Notes that Silver ETFs and Funds Outperform Physical Silver Amid Price Volatility
Mumbai, November 18th, 2025: According to Emkay Wealth Management, silver continues to shine as an investment asset, with both Silver Exchange Traded Funds (ETFs) and Silver Fund of Funds (FoFs) outperforming physical silver over past 3-year period. The strong performance reflects robust fund management, efficient tracking, and growing investor confidence amid global market volatility.
Emkay Wealth Management expects Silver to bounce back to the US$ 52-US$53 levels and thereafter may move towards the next targets of US$58 and US$ 62, with strong support at US$ 47.60. It advises that given the relatively higher volatility in silver prices, any further investments into silver may be taken as tactical positions with six months to 12 months of time horizon, with target levels for exit. It expects further strong support levels for silver exist at US$ 45.60 and US$ 42.00, in that order.
After a brief correction, silver prices are hovering around US$ 48.80 per ounce, largely due to profit booking and the easing of trade restrictions between the US and China on critical minerals. While the Federal Reserve’s rate cut initially supported precious metals, uncertainty over further policy easing has led to short-term weakness.
Emkay Wealth Management notes that as of October 31, 2025, Silver ETFs have delivered impressive returns, with ICICI Prudential and Nippon India Silver ETFs posting over 50% one-year gains, compared to around 49% for physical silver. Over three- and six-month periods, returns ranged between 34–56%, underscoring the strength of the rally. Nippon India Silver ETF leads the segment with an AUM of ₹15,284 crore, followed by ICICI Prudential at ₹9,481 crore.
On other hand, Silver Fund have also mirrored this trend, delivering one-year returns of around 49–50%. The ICICI Prudential Silver ETF FOF leads with an AUM of ₹3,232 crore, reflecting strong investor participation. The minor difference in performance versus ETFs stems from fund-level expenses.
Emkay Wealth Management believes despite short-term volatility, the fundamentals of the silver market remain strong. Rising industrial demand from sectors such as renewable energy and electronics, coupled with constrained supply, continues to support long-term price stability.
It suggests tactical allocations to silver through ETFs or FoFs over a 6–12month horizon, with defined targets to capture potential price appreciation.
About Emkay Wealth Management Ltd
Emkay Wealth is a unit of Emkay Global Financial Services. The company is based out of Mumbai with a diverse clientele and offers services in the areas of Risk Analysis, Asset Allocation, Investment Solutions, Asset Management, Research & Execution, Investment Process, and Estate & Succession Planning.
About Emkay Global Financial Services Limited
Emkay Global Financial Services Ltd., headquartered in Mumbai, India, is an integrated securities firm offering a wide range of investment avenues including investment banking, institutional broking, private wealth management, and financial products distribution. Its institutional broking division services clients across all-important global geographies and its research have received recognition from important bodies including Thomson Reuters, Asiamoney, and The Wall Street Journal amongst others, over the years.
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