Motilal sees silver sparkle through 2026, pegs Rs 3.20 lakh target. Is the big run just beginning?

Silver’s explosive 170% surge in 2025 may be just the beginning, says Motilal Oswal, which believes the metal is entering a multi-year supercycle. Strong industrial demand, tight supply, rising ETF flows and supportive macro trends could push MCX Silver to Rs 3.20 lakh in 2026 despite expected volatility.