New Delhi, Jan. 8 -- Silver entered 2026 following an unprecedented rally in 2025, during which prices surged to record highs above USD 80/oz before retracing amid extreme volatility.

According to HSBC Global Investment Research, the rally was driven less by traditional industrial fundamentals and more by physical market tightness, investment demand, and macroeconomic uncertainty.

While prices are assessed as fundamentally stretched, ongoing supply dislocations are expected to sustain elevated volatility through at least the first half of 2026.

The report says a key driver of the recent price behaviour has been acute tightness in deliverable silver, particularly in the London market, it noted "tightness in the London market and extreme...