Silver prices have surged nearly 200 percent over the past 12 months, far outperforming gold, but rising volatility is now prompting investors to shift attention back to the yellow metal. Analysts note that silver’s rapid rally, driven by strong industrial demand and tight supply, has made prices more unstable.
As market uncertainty increased at the start of 2026, global silver ETFs saw outflows, while gold continued to attract steady investments due to its reputation as a safer hedge. The gold-to-silver price ratio has also fallen sharply, indicating that silver may be overextended compared to gold.
Last week, both silver and gold ETFs witnessed a sharp fall on Thursday but rebounded strongly the following day. Several silver ETFs jumped 10–12 percent, while gold ETFs also gained as bullion prices recovered.
So far this month, silver prices have risen about 28 percent on the MCX, while gold has gained nearly 14 percent, even as equity markets remain under pressure.
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