Gold, Silver, Crude Oil Price Outlook 2026: Rally over or just paused? Anil Singhvi explains

Commodity markets are expected to remain volatile in 2026, amid ongoing supply constraints, geopolitical risks, and shifting global demand patterns. Silver, gold and crude oil are likely to remain in focus.

Silver extended its rally in 2025, delivering around 170 per cent returns in the domestic markets. International silver prices crossed $80 per troy ounce during the year. In India, prices crossed 2,50,000 rupees per kilogram for the first time.

Silver Market Outlook

Add Zee Business as a Preferred Source

The silver market remained in deficit for the fifth consecutive year in 2025, supporting prices. Rising industrial demand and limited supply continued to tighten the market. The United States included silver in its critical minerals list in November 2025. China is set to impose export restrictions from January 2026.

Global industrial demand for silver is rising due to the energy transition. Demand from the solar sector, electric vehicles, electronics and artificial intelligence-related industries has increased sharply. Silver is both a precious and an industrial metal, with demand rising across segments.

Also Read: New Year Special: After stellar returns in 2025, what gold & silver may deliver in 2026—Experts share outlook

Investment demand has also grown. Investors are increasingly using silver ETFs and other instruments for portfolio diversification. Central banks have stepped up silver purchases as part of their safe-haven asset allocation.

In India, silver imports fell sharply in the first half of 2025 due to import restrictions and higher US trade tariffs. Imports rose significantly in the second half after the government reduced import duties in the Union Budget. Given strong industrial demand, the silver market may remain in deficit for a sixth straight year in 2026.

Gold and Silver Prices: Anil Singhvi Views

Gold and silver may see near-term volatility after the sharp rally. Market expert Anil Singhvi said prices could correct before resuming a fresh uptrend. “Gold and silver can see a 15–20 per cent correction from the top before the next rally,” Singhvi said.

He said fresh bullish signals will emerge only if gold sustains above 1,41,000 rupees and silver closes above 2,55,000 rupees. “Till then, investors should avoid aggressive buying,” Singhvi said, adding that any meaningful correction could offer buying opportunities.

Energy Markets in 2025

Energy markets saw mixed trends in 2025 due to the Russia-Ukraine war, Middle East tensions, high inflation, higher OPEC+ supply, weak Chinese demand and elevated US trade tariffs. Crude oil ended the year on a weak note, while natural gas posted gains in the domestic markets.

Crude oil prices fell over 15 per cent in domestic markets in 2025 despite sharp weakness in the rupee. Prices remained under pressure due to oversupply, slower demand and global trade uncertainties. However, Chinese stimulus measures and strong US third-quarter GDP data supported expectations of demand recovery.

Crude Oil Outlook 2026

On crude oil, Singhvi said the downside now appears limited. “Crude oil is unlikely to fall much below the $58–60 per barrel range,” he said. He added that prices could gradually move towards $75 per barrel during 2026.

At the end of 2025, crude oil markets remained oversupplied. However, expectations of lower US interest rates, a weaker dollar index, easing trade tensions, geopolitical risks and recovery in global demand could support prices in 2026.