• Silver Price Forecast: XAG/USD Eyes $66 as Dollar Weakens
• Gold Holds Firm as Fed Minutes and Iran Risks Keep Markets Cautious
• MCX Gold Forecast: Bullish Momentum, Targets & Key Levels
• MCX Silver Forecast: Buy Above ₹2,32,000 for ₹2,45,000 Target

It’s not solar, and it’s not jewellery. It’s data centres, and the number comes from the World Silver Survey 2026, produced by Metals Focus and the Silver Institute, where it has been in print since April. I didn’t read it closely enough at the time, and two weeks ago I published an estimate of data centre silver demand that understated it. This article is the correction, and the corrected figure is more interesting than the one I had.

Silver trades at $67.00 today against gold at $4,495.94, putting the gold-silver ratio at 67.1. The metal rose 5.8% on Wednesday to an eight-week high as long-dated Treasury yields fell back from the levels they reached earlier in the week, which still leaves it about 45% below its January 29 intraday high and up roughly 77% on a year ago. Silver’s industrial demand is forecast to fall this year, and photovoltaics are the reason. That is accurate on the totals and incomplete on the composition underneath them, and page 51 is where the missing part sits. Golden Meadow publishes the fuller analysis this article draws on.

What the survey actually says

Page 51 of the World Silver Survey 2026, in a focus box titled “Novel Applications in New & Established Fields,” states that Metals Focus and the Silver Institute expect silver offtake from data centres alone to exceed 10% of electrical and electronics demand. On the 2026 forecast base of 422.9 million ounces that is more than 42.3 million ounces.

The box identifies where the metal goes: chip packaging, connectors and power modules, silver-based pastes that preserve signal integrity, and thermal interface materials that fill the microscopic gaps between chips and heat sinks. It also flags silver as a neutron absorber in nuclear reactor control rods, driven by the power demands of hyper-scale facilities, with small modular reactor expansion and plant life extension named as additional drivers.

One note on timing, because it changes how the figure should be quoted. The survey was published in April 2026 and says the threshold is expected to be exceeded next year, which on that publication date means 2027. Its demand forecasts run only to 2026, so there is no published 2027 electrical and electronics base to apply the 10% to. I have used the 2026 base of 422.9 million ounces as the nearest available reference. That makes 42.3 million ounces a scale estimate for a threshold the survey expects to be crossed in 2027, rather than a 2026 figure, and the distinction matters for the date rather than for the order of magnitude that the comparisons below rest on.

Now put 42.3 million ounces next to the things a reader already knows. Chile, the sixth-largest silver producing country, mined 42.7 million ounces across the whole of 2025, just ahead of Poland at 42.6 million. One application inside electronics is running at roughly the scale of a national mining industry. It is 83% of all brazing alloys and solders at 51.0 million ounces, an established industrial use that is still growing. It is 28% of the photovoltaic sector at 151.0 million ounces and 91% of the size of the 46.3 million ounce deficit the same organisations forecast for this year. And it is 15.6% of the derived non-photovoltaic electronics figure of 271.9 million ounces, so data centres take roughly one ounce in every six of the electronics silver that does not go into solar panels.

The correction, and the trap inside it

Two weeks ago I compared the net 9.0 million ounce gain in non-photovoltaic electronics against the 35.6 million ounces solar sheds, and concluded that the build-out replaces about a quarter of the loss. That set a net change against a gross change and understated the size of the customer. But the fix is not to set 42.3 million ounces against 35.6 million ounces either, because one is a level of annual consumption and the other is a year-on-year decline. Those do not net.

What the survey figure establishes is different and more useful. Data centres are not a promising new application at the edge of the electronics segment. They are already 15.6% of it outside solar, which is a far larger installed customer than I credited. The segment nonetheless nets only 9.0 million ounces of growth this year, because other uses inside it are shrinking. The survey’s India chapter gives one illustration of the mechanism: it reports that persistently high prices are likely to sustain thrifting, and that industry interactions there already point toward 5% to 7% lower silver content in electrical contacts. That finding is specific to India, but it makes the general point that thrifting is not confined to solar panels. It runs through contacts and connectors too, just far more slowly.

Two guardrails so this does not get oversold. The Semiconductor Industry Association reported second-quarter chip sales of $403.3 billion on August 6, up 35.1% on the quarter, with June sales of $134.5 billion up 123.6% year over year. That is a memory-pricing event before it is anything else. TrendForce records conventional DRAM contract prices rising roughly 93% to 98% quarter on quarter in the first quarter, lifting whole-industry memory revenue 81% in a single quarter to $97 billion, with a further 58% to 63% expected in the second and the pace then slowing to 13% to 18% in the third. Silver consumption tracks wafer starts, package counts and paste volumes rather than dollars per bit, so if bit shipments are broadly flat, a memory market that doubles in value consumes broadly the same silver. The second guardrail: 42.3 million ounces, is a level rather than a growth rate, and nothing in the survey tells us how fast it is rising.

Sources: Metals Focus and the Silver Institute: Silver Supply and Demand | SIA: Global Semiconductor Sales Increase 35.1% from Q1 to Q2 2026 | TrendForce: 1Q26 DRAM Industry Revenue Up 81% QoQ on Contract Prices | TrendForce: 3Q26 Memory Contract Price Outlook

What this means to Silver investors

The horizon here is two to three years and the direction is positive. It puts a number on a demand source the industrial case had until now been describing without one.

State its status carefully, though. The survey prints the 10% statement and the 422.9 million ounce base, both primary. The 42.3 million ounces is my multiplication of the two, a derived estimate resting on primary inputs rather than a number the survey publishes. Anyone quoting it should quote it that way.

It does not rescue 2026. Total industrial demand still falls from 657.4 million ounces to 639.6 million ounces this year and total demand still falls from 1,130.6 million ounces to 1,112.6 million ounces. What has changed is the composition underneath those totals, which is tilting toward a customer thrifting at 5% to 7% and away from one thrifting several times faster. That rotation is the demand half of the argument in Silver Rising. Solar manufacturers have a funded, industrial-scale engineering effort aimed at using less silver per panel, and the 35.6 million ounce fall forecast for this year is what it looks like when that effort works. The survey describes silver’s role in data centres in the opposite terms, as essential to chip packaging, connectors and power modules, managing extreme thermal loads and high-frequency signals, and says that role will become more critical as computing demand grows through 2030.

So, the honest reading is that the bearish story about industrial demand is correct for this year and the bullish story is correct for the years after it, and the crossover depends on which of those two thrifting rates holds. That crossover looks nearer than it did two weeks ago. It is still not 2026. Set against a market running into its sixth consecutive annual deficit, forecast at 46.3 million ounces, a demand line 91% the size of the shortfall is a material part of the longer-term case.

Silver demand in electronics:

Frequently Asked Questions (FAQs)

Disclaimer

This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified SEBI-registered financial experts before making any investment or trading decisions.

The post Silver Demand: Data Centres Could Drive Electronics Demand appeared first on Gold Silver Reports.

Gold (XAU/USD) stays strong as Fed signals and Iran tensions keep markets on edge

Gold is trading at elevated levels as the latest advance keeps the positive momentum intact. The US Treasury provided initial support after announcing larger buybacks of longer-dated Treasury securities. The department will double buyback sizes for 10- to 30-year Treasury debt securities to at least $4 billion per operation. The plan will apply to the 10-year to 20-year and 20-year to 30-year sectors. The announcement helped ease pressure in bond markets and pushed Treasury yields lower.

Lower Treasury yields and a weaker US Dollar initially supported gold. However, the metal gave back part of its gains as markets assessed the Federal Reserve’s July meeting minutes. The minutes showed growing concern about persistent inflation. Several policymakers remained open to raising interest rates. Many also said a rate increase could become necessary if inflation fails to return toward the Fed’s 2% target. This policy stance could keep Treasury yields elevated and limit further gains in gold.

Geopolitical uncertainty also remains in focus. President Donald Trump threatened stronger economic measures against Iran and urged US allies to increase pressure on the country. Fading hopes for the reopening of the Strait of Hormuz have kept energy supply risks elevated. However, oil prices have not accelerated sharply. Fed policy signals and developments involving Iran could remain important for gold’s next direction.

Gold price analysis: XAU/USD rebounds from wedge support

The gold chart below shows a large ascending broadening wedge that has guided price action since 2025. The pattern formed as price moved between two rising and expanding trendlines. Gold advanced strongly within this structure and reached the upper trendline. Price then reversed sharply from this resistance and declined toward the lower wedge support. The overall wedge structure remained intact.

Gold found support near the $4,000 area and turned higher. The recovery has since carried price back toward the $4,450 area. This reaction highlights the importance of the lower wedge trendline as support. Gold is now trading well above this trendline, which keeps the technical outlook positive.

The latest price action shows gold attempting to extend its recovery after the reaction from wedge support. A clear move above the $4,500 area could strengthen the recovery and open the way toward the next resistance levels. The $4,800 area could become the next important level if price extends higher. On the downside, the lower wedge trendline remains the main structural support. A break below this trendline would weaken the current technical outlook.

Gold price outlook: Fed policy, Treasury yields and Iran risks drive the next move

Gold maintains its strength as lower Treasury yields and larger debt buybacks from the US Treasury support the metal. However, persistent inflation concerns could keep the Federal Reserve cautious and limit further gains. Geopolitical tensions involving Iran and uncertainty around the Strait of Hormuz also remain important. The reaction from the lower wedge support keeps the technical outlook positive. A clear move above $4,500 could open the way toward $4,800. Markets will now focus on Fed policy signals and developments involving Iran for the next direction.

FAQs

Disclaimer

This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified SEBI-registered financial experts before making any investment or trading decisions.

The post Gold Holds Firm as Fed Minutes and Iran Risks Keep Markets Cautious appeared first on Gold Silver Reports.

• US Dollar Tumbles as ‘Sell America’ Trade Returns | USD Forecast 06 August 2026
• Silver Price Forecast: XAG/USD Eyes $66 as Dollar Weakens
• MCX Gold Forecast: Bullish Momentum, Targets & Key Levels
• MCX Silver Forecast: Buy Above ₹2,32,000 for ₹2,45,000 Target

Early window closure hits bonds

“India’s bond market sold off after the Reserve Bank of India (RBI) unexpectedly brought forward the closure of its special dollar deposit window for overseas residents, reducing the amount of rupee liquidity investors had expected to enter the system.”

“The facility, which has already attracted more than $50bn, will now close at the end of August rather than a month later. 5y yields rose as much as 9bp to 6.44%, while the 10y yield climbed 4bp to 6.80%.”

“The earlier closure could also slow further reserve accumulation and limit rupee appreciation after reserves rose above $700bn.”

“The move suggests the RBI is becoming more sensitive to the future liability and forward-premium costs associated with sustaining the scheme.”

Key Points at a Glance

FAQs

Disclaimer

This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified SEBI-registered financial experts before making any investment or trading decisions.

The post Indian Rupee Under Pressure as RBI Tightens Liquidity appeared first on Gold Silver Reports.

• Silver Price Forecast: XAG/USD Holds Near $62 After Strong Two-Day Rally
• Neal Bhai Silver Price Forecast 2026: Why XAG/USD Could Rally Towards $90 and $94
• Silver Price Outlook 2026: Breakout Above $78 – Best Buying Strategy?
• Silver Price Today: Fragile Sentiment Keeps XAG/USD Under Pressure

US data released on Friday endorsed this view, as July’s Retail Sales dropped 0.6% against market expectations of a 0.1% gain, following a 0.2% increase in June. These figures follow relatively soft producer and consumer price figures released earlier in the week and another disappointment in Nonfarm Payrolls in the previous week. Against this background, investors have dialed back bets of a Fed hike in September to 30%, from above 50% one week ago, according to data by the CME Group’s.

Technical Analysis: Key resistance is at the $67.00 area

XAG/USD reached the target of a bullish Head & Shoulders pattern at the $67.00 area last week, and has been consolidating ever since, with bearish attempts limited above previous highs, at $63.30. The pair, thus, holds a constructive near-term pattern and momentum indicators in the daily chart remain within bullish territory. The Relative Strength Index (14) is hovering above 60, and the Moving Average Convergence Divergence (MACD) line maintains a firm positive reading near 0.81, highlighting persistent upside pressure.

Bulls remain capped below the $66.00 area on Monday, which is closing the path towards the June 22 high, at $67.17. Further up, there is a heavier supply zone defined by the June 17 high, at $71.56, and the 200-day Simple Moving Average (SMA) around $71.70.

On the downside, the mentioned $63.30 area is expected to challenge bears, ahead of the August 6 and 7 lows, around $62.00 and the late July lows, in the mid-range of the $56.00s.

FAQs

Disclaimer

This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified SEBI-registered financial experts before making any investment or trading decisions.

The post Silver Price Forecast: XAG/USD Eyes $66 as Dollar Weakens appeared first on Gold Silver Reports.

• Gold Consolidates as US-Iran Tensions and Hawkish Fed Outlook Limit Price Gains
• MCX Silver Outlook 2026: Don’t Expect ₹1,80,000 Soon | Buy on Dips Strategy
• Silver Price Forecast: XAG/USD Holds Near $62 After Strong Two-Day Rally
• MCX Silver Forecast: Buy Above ₹2,32,000 for ₹2,45,000 Target

The current technical setup gives MCX Gold a Bullish Trend Score of 3, suggesting that buyers still have an advantage in the near-term market.

MCX Gold Forecast & Technical Analysis

The short-term price structure remains bullish. Daily Stochastics are also showing a positive trend across both MCX Gold and COMEX Gold, supporting the possibility of further upside if important resistance levels are crossed.

Another encouraging signal is visible in the COMEX options market. Out-of-the-money call premiums are rising faster than put premiums. This indicates that traders are showing stronger interest in upside positions and expecting higher gold prices.

However, traders should keep a close watch on the important support and resistance zones before taking fresh positions.

Important MCX Gold Levels

MCX Gold Resistance and Targets

The first important resistance is placed near 153,710. If gold moves above this level with sustained buying, the next levels to watch are 154,322 and 155,446.

The 155,000 zone is especially important. A sustained breakout and close above this area could strengthen the bullish pattern and open the way for further upside momentum.

MCX Gold Support Levels

On the downside, 151,974 is the first important support. Below this, traders can watch 150,850 and 150,238.

The 151,000 zone is a crucial level for the current bullish structure. A strong breakdown below this area could weaken the bullish setup and increase the risk of a deeper correction.

MCX Gold Trading View

For now, the technical picture remains positive, but traders should avoid chasing prices after a sharp rally. The better approach is to monitor price action around the key pivot, support and resistance levels.

As long as MCX Gold holds above the major support zone and continues to trade with positive momentum, the possibility of an upside move remains open.

Key levels to remember:

• Above 153,710: Positive momentum may strengthen.
• Above 154,322: Next resistance comes into focus.
• Above 155,000: Bullish pattern continuation gets stronger.
• Below 151,000: Bullish structure may weaken.
• 150,238: Important lower support.

Frequently Asked Questions

Disclaimer

This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified SEBI-registered financial experts before making any investment or trading decisions.

The post MCX Gold Forecast: Bullish Momentum, Targets & Key Levels appeared first on Gold Silver Reports.