Gold and silver, which witnessed an unprecedented rally in 2025, are expected to remain firm in 2026, supported by strong global demand and favourable macroeconomic trends. Market experts believe that while prices may not rise at the same pace as this year, the broader outlook for precious metals continues to be positive.
In 2025, gold prices surged over 70 per cent globally, while silver recorded an even sharper rise of nearly 170 per cent, hitting multiple record highs. Domestic prices in India also moved sharply higher, driven by global cues, currency movements and strong investment demand. The rally was fuelled by geopolitical uncertainty, rising global debt, heavy central bank buying, and increased interest in safe-haven assets.
Looking ahead to 2026, analysts expect gold prices in India to move towards ₹1.5 lakh per 10 grams over the medium term. Globally, gold may trade at elevated levels as central banks continue to diversify reserves and investors seek protection against economic and geopolitical risks. Expectations of interest rate cuts by major central banks could further support prices.
Silver is also expected to stay strong, backed by both investment and industrial demand. The metal’s use in solar power, electric vehicles and electronics is rising steadily, which could keep demand robust. Price forecasts suggest silver could trade in the range of $48 to $70 per ounce, with chances of sharper moves if industrial activity improves.
However, experts caution that volatility is likely after such a steep rally. Factors such as a stronger US dollar, higher real interest rates, or improving risk appetite in equity markets could lead to short-term corrections. Analysts advise investors to view any price dips as opportunities for long-term accumulation rather than signs of a trend reversal.
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