Silver Outpaces Gold as Precious Metal Prices More Than Triple Since 2018-19 - FACTLY

AI desk brief

Mumbai gold prices rose about 280% from ₹31,193/10g in 2018-19 to ₹1,18,421/10g in 2025-26, while silver outpaced gold, rising 324% from ₹38,404/kg to ₹1,62,672/kg. In 2025-26, Mumbai gold traded at a 5.4% premium to London and silver at a 6.9% premium to New York; the gold/silver ratio fell to 72.8 from 85.1 a year earlier, showing silver’s relative outperformance.

The article says both metals have corrected from early-2026 highs, with the World Gold Council citing an 8.5% drop in international gold prices in September 2026 on higher US Treasury yields and a stronger dollar, while Reuters noted weak Indian silver demand after the sharp price correction. It also highlights elevated US rate expectations, reduced investor positioning, and softer industrial demand as headwinds, partly offset by expected relief from increased Indian silver import permits.