Silver rising as the ‘industrial gold’, what’s next by 2026?

Silver is no longer just a shiny metal for jewelry. Around the world, it’s fast becoming a key material for industries from solar energy to electric vehicles and electronics. Experts now call it the “industrial gold,” and it may soon play a bigger role than ever before.

Silver demand soaring worldwide

In the past, silver was mainly used for jewelry and religious items. But things have changed. Industries now use massive amounts of silver for solar panels, EV batteries, mobile phones, and even medical tools. According to the Silver Institute, the global silver shortage in 2024 reached 282 million ounces the largest in years.

Banks like Bank of America predict that silver prices could touch 65 dollars per ounce by 2026. Other major institutions, including HSBC and UBS, expect prices between 42 and 45 dollars. The reason is simple: silver is no longer seen only as a safe-haven asset but as a must-have industrial material.

Why prices may keep rising

Experts believe this trend will continue because industrial demand keeps climbing. Silver is essential for green technology, especially solar power and clean energy. Even if the market faces ups and downs, the long-term demand looks strong. Goldman Sachs and Citigroup also expect prices to stay above 30 to 35 dollars per ounce if global inflation and energy transitions continue.

Nepal’s connection with silver

Nepal doesn’t produce silver it imports it, mainly from India and China. That means local prices depend on the global market. Right now, silver in Nepal costs around Rs 7,375 per ounce, which is about 75% higher than last year. Ten grams of silver sell for about Rs 2,370 to Rs 2,400.

Silver is deeply tied to Nepali culture. Skilled artisans in Patan and Kathmandu have been crafting earrings, rings, and bracelets for generations. These handmade pieces, often decorated with semi-precious stones, are now reaching international markets, especially the United States, where Nepal enjoys zero customs duty on jewelry exports.

Rising industrial demand ahead

While silver’s industrial use in Nepal is still small, that may soon change. The National Planning Commission aims to generate 10 gigawatts of solar energy by 2030. As solar projects expand, so will silver imports. Similarly, the growth of electric vehicles and tech industries could make silver even more valuable. If global prices reach 65 dollars per ounce, Nepali rates could cross Rs 11,000, increasing jewelry prices by 20–30%.

Should investors look at silver?

For Nepali investors, silver might be an interesting choice. It’s cheaper than gold but offers growth potential as industries depend more on it. However, experts suggest balancing investments holding both gold and silver while tracking global market trends.

A bright future for the ‘industrial gold’

Silver is stepping out of gold’s shadow. Its growing use in technology and clean energy shows that the metal has a shining future ahead. If Nepal can align its trade policies and promote silver crafts, this metal could add real value to the economy. The sparkle of silver might just be what brightens Nepal’s next economic chapter.