Editor’s Note
This article highlights silver’s remarkable 170% surge in 2025, which dramatically outpaced gold’s gains and made it the year’s top-performing asset. The analysis points to a confluence of fundamental and speculative drivers behind the rally.
The year 2025 belonged to silver in every sense. The white metal surged 170%, not only far eclipsing the 70% rise delivered by its more expensive cousin, gold, but also emerging as the best-performing asset across categories.
Leveraged positioning and options-driven trading further amplified the surge.
2026 began on a strong note for both precious metals, with silver continuing its outperformance. However, selling pressure toward the end of January erased nearly half of its earlier gains. MCX silver prices still traded almost 40% below their peak of ₹4,20,048 registered in January.
Gold, too, corrected, but the extent of the decline was more contained as its larger market size lends it stability. Currently, gold prices are down 18%.
The selloff altered the dynamics. Gold prices are up 16% year-to-date (YTD) at a time when silver has risen over 11% in the domestic spot market.
After last year’s boom, analysts largely see 2026 belonging to gold.
Gold and silver performance predictions are mixed, with silver excelling in 2025 but analysts expecting gold to lead in 2026. The gold-silver ratio indicates a buying opportunity for silver when above 80, while a ratio below 40 favors gold.