25 Feb , 2026 By : Debdeep Gupta
Metal stocks moved higher alongside the silver rally on Wednesday. The strength was equally visible in silver ETFs, which logged gains of over 1 percent across fund houses.
Silver's sharp upswing on Wednesday rippled through equities and securities markets, pushing up stock prices by as much as 3 percent and ETFs by over 1 percent. Shares of Multi Commodity Exchange of India surged over 3 percent to around Rs 2,473 in early afternoon trade. The stock has rallied more than 125 percent over the past year, tracking a sustained rise in activity across precious metals contracts.
Metal stocks also moved higher alongside the silver rally. Hindustan Zinc shares climbed 2.8 percent to Rs 614, extending gains amid firm sentiment around non-ferrous and precious metals demand. The stock is now up over 51 percent on a one-year basis.
The strength was equally visible in passive investment products. Silver ETFs logged gains of over 1 percent across fund houses, with offerings from ICICI Prudential AMC, Nippon India Mutual Fund, SBI Mutual Fund and Tata Asset Management all trading firmly higher in early trade. Gold ETFs also edged up, though the move was more pronounced in silver-linked products.
The rally in equities and ETFs mirrors a broader strengthening trend in precious metals. According to Motilal Oswal Financial Services’ latest Precious Metals Quarterly Report, gold is being driven by rising geopolitical stress, tightening physical supply and a gradual erosion of confidence in global monetary frameworks. The brokerage noted that gold’s role as non-sovereign money is gaining prominence as fiscal pressures mount and questions around monetary independence intensify.
Silver, meanwhile, continues to draw support from both investment and industrial channels. Geojit Investments said the forces that lifted silver prices last year remain firmly in place in 2026. These include strong industrial demand from rapid digitalisation, artificial intelligence adoption and the expansion of data centres and IT infrastructure. These trends are boosting demand for silver-intensive electrical and computing systems, even as physical supply remains tight.
Geojit also pointed to ongoing geopolitical instability, uncertainty around U.S. trade policy and concerns over central bank independence as factors sustaining bullion’s safe-haven appeal. Strength in gold, it added, is helping cushion downside risks for silver, although near-term price volatility is likely to stay elevated.
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