Silver outperformed gold and platinum

Silver gained about 47% in rupee terms since last Dussehra, compared with gold’s 26% and platinum’s 10.5%.

“Silver is the winner of the year, but it has also been the biggest round-trip: up 155% by January, now 53% off its peak”

Silver price surge details

Silver reached all-time highs in January and February 2026 before sharp corrections in March, yet surged 47% over the year.

Gold price rally

Gold surged 26% in rupee terms since last Dussehra, with a sharp uptick in January followed by steep corrections in February.

Central bank gold buying

Central banks bought nearly 289 tonnes of gold in Q2 2026, with China’s central bank adding 23 tonnes in September.

Rupee impact on metals

Weaker rupee (from 88.71 to 95.05 per dollar) and higher import duties (6% to 15%) boosted metals prices by 8.5%.

Experts' outlook

Silver offers higher upside potential, while gold remains the safer choice for investors over the next 5-6 months.

“Over the next 5-6 months, gold is likely to remain supported by central bank purchases, geopolitical uncertainty and safe-haven demand. Silver also has good potential, supported by industrial demand and investment interest, though its volatility may remain higher.”