The year 2025 was phenomenal for both gold and silver, the two precious metals. The momentum seen at the beginning of the year continued throughout, making it one of the best-performing years in the long history of these metals. On India's Multi-Commodity Exchange (MCX), the price of gold surged by approximately 78%, rising from ₹75,233 on December 20, 2024, to ₹1,33,589 on December 22, 2025. Silver, meanwhile, delivered a staggering 144% return during the same period, jumping from ₹85,146 to ₹2,08,062. In contrast, the benchmark stock market index, Nifty 50, rose by only 10.18% during this time. This led many investors to shift their investments from equities to these yellow and white metals.

The record-high prices of gold were largely driven by continuous buying by central banks and increased industrial demand for silver. Additionally, the uncertainty surrounding the global economy due to increased tariffs imposed by the US also contributed significantly to the price surge. Now the question is, will the world economies recover from the impact of tariffs in 2026, or will the uncertainty persist? Will gold or silver be a better investment in the new year? Let's see what the experts say.

How might gold and silver perform in 2026?
Naveen Mathur, Director (Commodities) at Anand Rathi Share and Stock Brokers, says that both gold and silver have strong fundamentals for 2026, although the returns in the new year might be somewhat more moderate. According to him, expectations of global interest rate cuts, geopolitical tensions, central bank buying, a weaker dollar, and investments in ETFs will keep gold performing steadily. While silver is more volatile, being both a precious and industrial metal, it could potentially outperform gold in percentage terms. Aksh Kamboj, Vice President of IBJA, says that despite fluctuations, both metals could remain in positive territory until the end of 2026, as demand remains strong.

How much could prices rise in 2026?
According to Prithviraj Kothari, MD of Riddhisiddhi Bullions, gold could reach $5,000-5,500 (approximately ₹1.50-1.65 lakh) next year. Silver, on the other hand, could reach $75-80 (₹2.30-2.50 lakh). Suvankar Sen, CEO of Senco Gold & Diamonds, offers a slightly more cautious estimate. According to him, by the end of 2026, gold could be between $4,300 and $4,800, and silver between $55 and 75 per ounce.

Siddharth Jain of SPA Capital says that silver moves faster than gold in a bull market. According to him, gold could reach $4,800-5,000 and silver $85-100 per ounce. Naveen Mathur believes that silver is likely to see a greater surge, especially in the first half of 2026. According to him, by the end of 2026, gold could reach $4,900-5,200 and silver $80-85 per ounce.

Which investment method is better: lump sum or SIP?
According to Aksh Kamboj, gold is better for stabilizing a portfolio, and investing through SIPs is ideal. For silver, it's better to invest in small amounts periodically, unless your strategy is a lump-sum investment. Suvankar Sen says that gold provides stability, while silver has greater upside potential. SIPs help manage volatility, and lump-sum investments can also be made at opportune moments.

Siddharth Jain considers SIPs in silver to be more beneficial because of the sudden sharp surges due to industrial demand. SIPs allow investors to benefit from this volatility without trying to time the market perfectly. 

What does the gold-silver ratio indicate?
The gold-silver ratio shows the relative strength of gold and silver. This ratio was 87 at the beginning of the year, but has now fallen to 64.70, as the price of silver has increased more rapidly. Siddharth Jain says that historically, this ratio has even gone as low as 15:1.

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