What is the story about?
In 2025, Gold and Silver had a great run as both these precious metals hit record high and the rally is still going strong as we are about to enter 2026.
Many are wondering if the extended bull run will be witnessed in 2026 or will the bubble burst anytime soon. Before we jump to that, let's first see how this year panned out for gold and silver and what actually drove this surge. In 2025, the gold prices on the Multi Commodity Exchange of India (MCX) jumped by nearly 78% - from Rs 75,233 on December 20, 2024, to Rs 1,33,589 on December 22, 2025. The silver on the other hand gave a whopping 144% return in the same period, rising from Rs 85,146 to Rs 2,08,062 per kg. In comparison, the share market index just gave a return of 10.18% in the same period, a report in Economic Times said.
What Drove This Surge?
Gold and silver prices surged to record highs this year, driven mainly by strong buying from central banks and rising industrial demand for silver. Another major factor was growing uncertainty in the global economy, especially after the US raised tariffs, which pushed investors towards safe-haven assets.
With tariffs still weighing on global growth, a key question for investors is whether economies will recover in 2026 or remain uncertain. That uncertainty has kept gold and silver firmly in focus as investment options for the new year.
What Experts Say On Gold, Silver Future
“Both metals (silver and gold) are entering 2026 with strong fundamentals, though returns may normalise in the new year,” ET quoted Naveen Mathur, Director – Commodities, currencies & international business, Anand Rathi Share & Stock Brokers.
Mathur says gold is likely to remain steady, supported by expectations of lower global interest rates, geopolitical risks, continued central bank buying, a weaker US dollar and strong ETF inflows. He adds that silver, while more volatile, could outperform gold in percentage terms because it benefits from both investment demand and industrial use.
Both metals are expected to stay positive through 2026 despite short-term ups and downs, says Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures. According to her, strong demand will continue to support prices.
On price targets, experts remain optimistic.
Over the next year, gold could target $5,000–5,500 per ounce (~Rs 1.5 lakh–1.65 lakh), backed by rate cuts, central bank buying and fiscal concerns, predicts Prithviraj Kothari, Managing Director, RiddiSiddhi Bullions Ltd and President, India Bullion and Jewellers Association Ltd.
“Silver may outperform on a percentage basis, with targets of $75–80 (~Rs 2.3 lakh–2.5 lakh), aided by industrial demand and tight supply,” Kothari says.
Suvankar Sen, CEO of Senco Gold and Diamonds, expects prices to keep rising but gives a more conservative estimate.
“Market estimates suggest gold could trade between $4,300–$4,800 per ounce, and silver between $55–$75 per ounce by the end of 2026,” Sen says.
Siddharth Jain, Vice President – Valuations, SPA Capital Services Limited, highlights silver’s faster price movement during bull cycles.
“Being a high-beta asset, silver moves faster than gold once a bull cycle is established,” Jain says, adding that gold could rise to $4,800–$5,000 per ounce, while silver could jump to $85–$100 per ounce.
Mathur also believes silver has greater upside, especially early in the year.
“By the end of 2026, gold prices could move toward $4,900–5,200 per oz, while silver has the potential to test $80–85 per ounce, provided macro conditions remain supportive,” he says.
How should investors approach gold and silver?
Experts suggest different strategies for the two metals.
Kamboj says gold works best as a long-term stabiliser for portfolios and is ideally bought through SIPs to average costs over time. She advises investing in silver in smaller amounts and spreading purchases, rather than making large lump-sum bets unless market conditions are favourable.
Sen agrees, saying gold is suitable for core holdings due to its stability, while silver offers higher upside potential. He recommends staggered SIP investments to manage volatility, with selective lump-sum buying during favourable phases.
Jain strongly backs SIPs for silver, citing its sharp and fast price swings.
“SIP allows investors to benefit from this volatility without trying to time the blow-off top,” he says.
SIP or lump sum? Experts suggest treating gold as a core portfolio asset, best accumulated through SIPs to smooth out price volatility. Silver, on the other hand, should be approached more cautiously, with limited and staggered investments.
Overall, gold is expected to provide stability and protection in 2026, whereas silver offers higher volatility along with the potential for stronger returns. Investors are advised to balance exposure to both metals in line with their risk appetite and long-term financial goals.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
