"Continued central bank buying, persistent inflation owing to trade tariffs, monetary policy shifts - like declining interest rates from central banks because of slow growth - are some of the factors which will keep prices elevated," noted Bhavik Patel, Senior Analyst, Tradebulls Securities.

Historically, silver has outperformed gold in scenarios where economic activity has picked up. Silver being a broad-based commodity is more useful as industrial commodity, than an investment commodity like gold.

"So silver may take over the reins of rally from here, but the meaningful outperformance will only come once trade talks between U.S. and its trading partners come to a fruitful outcome. That way, demand for industrial metal will return and we will see silver taking over from gold," said Patel.

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