Gold has been considered as auspicious metal in India. It’s a symbol of tradition, wealth, financial security, and prosperity. Recently, Silver has been making headlines, calling investors’ attention not just for jewellery but as an asset class too since last few years.
How Prices Have Moved in India (2006–2026)?
Here’s a concise snapshot of how gold and silver prices have progressed in India over two decades:
| Year | Gold (₹/10 g) | Silver (₹/kg) | % Growth Gold vs 2006 | % Growth Silver vs 2006 |
|---|---|---|---|---|
| 2006 | 8,490 | 17,405 | — | — |
| 2007 | 9,395 | 19,520 | +10.7% | +12.1% |
| 2008 | 12,125 | 23,625 | +42.8% | +35.8% |
| 2009 | 15,105 | 22,165 | +77.9% | +27.4% |
| 2010 | 16,320 | 27,255 | +92.2% | +56.6% |
| 2011 | 20,775 | 56,900 | +144.7% | +226.4% |
| 2012 | 28,040 | 56,290 | +230.4% | +223.2% |
| 2013 | 29,610 | 54,030 | +248.8% | +210.5% |
| 2014 | 28,470 | 43,070 | +235.5% | +147.5% |
| 2015 | 26,245 | 37,825 | +209.0% | +117.4% |
| 2016 | 28,340 | 36,990 | +233.8% | +112.5% |
| 2017 | 28,950 | 42,748 | +240.9% | +145.6% |
| 2018 | 30,680 | 38,355 | +261.3% | +120.4% |
| 2019 | 31,640 | 37,245 | +272.6% | +113.8% |
| 2020 | 43,000 | 39,200 | +406.0% | +125.0% |
| 2021 | 44,013 | 62,862 | +418.3% | +261.0% |
| 2022 | 51,278 | 66,990 | +503.4% | +284.6% |
| 2023 | 59,512 | 71,582 | +601.6% | +311.4% |
| 2024 | 69,135 | 77,800 | +714.7% | +347.7% |
| 2025 | 91,190 | 1,03,900 | +974.3% | +498.4% |
| 2026 (early) | ~1,55,000–1,58,000* | ~2,49,000–2,72,000* | ~1,725–1,760% | ~1,332–1,562% |
*Early 2026 price estimates based on contemporary market reports.
Gold has increased by ~1725–1760% 20 over years
Silver has increased by ~1,332–1,562% over 20 years
Over 20 years, both silver and gold have grown up similarly which shows that silver isn’t just a “cheap metal” anymore.
Price Trends in Recent Years
Recent price movements highlight how dynamic the metals markets are:
Domestic records:
- Silver broke past historic highs near ₹4,00,000 per kg in early 2026.
- Gold touched record levels above ₹1,75,869 per 10 gm in early 2026.
High Short-term volatility:
Silver saw extreme price swings in January 2026 from 2.4 lakhs to 3.95 lakhs.
1 January 2026: ~₹2.38–2.45 lakh per kg
Mid-January: Crossed ~₹3.00 lakh per kg
29 January (Peak): Around ₹4.00–4.10 lakh per kg
Month End: Corrected to ~₹3.90–3.95 lakh per kg
What the Gold-Silver Ratio Tells Us?
The gold-silver ratio (GSR) shows how many grams of silver is needed to buy one gram of gold.
Right now in India, around 53 grams of silver is needed to buy 1 gram of gold, which is lower than some historical averages and hints that silver may be relatively expensive or catching up fast to gold.
What does this mean?
- A high GSR means silver is cheaper as compared to gold and it has historically been seen as a buy signal for silver.
- A low GSR means silver is pricey as compared to gold and it can mean that gold looks “relatively safer.”
Silver’s narrowing ratio suggests strong recent demand.
Why are Investors Paying More Attention to Silver?
- Industrial Demand
Silver is needed in making of Solar panels Electronics & semiconductors EVs. The Global Green Technology & Sustainability Market is forecasted to reach USD 29.0 billion by the end of 2024 and grow to USD 193.9 billion in 2033 with a CAGR of 23.5%. - Affordability
Silver costs significantly less per gram than gold, so many investors find it easier to buy. Many urban and rural buyers are now choosing silver jewellery as gold prices are increasing. - Market Rotation
When gold seems to be expensive or gives slow gains, investors sometimes shift to silver for potentially stronger short-term returns.
Investment Tips
Here’s a practical way to think about gold and silver in your portfolio:
Use Silver and Gold for Different Goals like Gold can be seen as long term wealth protection and silver can be seen as higher-risk, tactical growth due to its industrial demand and volatility.
Treat silver as a complement, not a substitute, for gold.
Suggested balanced allocation is 60–75% Gold and 25–40% Silver, depending on your age and risk tolerance.
Know Your Time Horizon
Silver can swing more due to industrial trends and short-term trading. It is considered to be great if you have longer horizons of more than 5 years and stay invested during time of high volatility.
Consider Paper & Digital Options
Physical bullion is traditional, but now you can also invest via:
- Silver ETFs
- Digital silver
- Sovereign Gold Bonds (for gold)
These options often have lower transaction costs and better liquidity.
So, is silver the new gold? No — not exactly. Gold remains India’s long-standing safe haven and store of value. But silver is definitely gaining ground. Thanks to industrial demand, attractive historical returns, and renewed investor interest, silver is no longer just “poor man’s gold.”
In fact, silver is emerging not as a replacement, but as a valuable partner to gold in modern portfolios — especially for long-term Indian investors looking for diversification and growth potential.
