After a Stellar Surge, What Lies Ahead for Gold and Silver in 2026? Experts Advise Caution

New Delhi: Gold and silver witnessed unprecedented gains in 2025, with prices soaring to levels not seen in decades. Gold surged by 62%, while silver skyrocketed 144%. As 2026 begins, experts expect the bullish trend to continue, but caution investors against hasty decisions.

Strong Fundamentals, But Volatility Expected
ET consulted ten commodity market experts about the outlook for gold and silver in 2026. All experts predicted an upward trajectory, with 80% expecting silver to outperform gold. According to Naveen Mathur, Director of Commodities and Currency at Anand Rathi Shares & Stock Brokers, strong fundamentals support both metals. “Gold is likely to deliver consistent returns, while silver, despite higher volatility, may outperform gold in percentage terms,” he said.

How High Could Silver Go?
About 60% of experts believe silver could reach $100 per ounce, roughly 40% higher than the current $72. Half of these experts are even optimistic that it may cross $110 per ounce. Meanwhile, 20% expect silver to trade between $80–90, and another 20% anticipate $90–100.

Factors Behind 2025’s Surge
Gold’s rally was driven by central bank purchases, expectations of falling interest rates, geopolitical uncertainty, and a weaker dollar. Silver’s extraordinary rise was fueled not only by these factors but also by supply constraints and growing industrial demand, particularly in solar panels, electric vehicles, and AI-related industries.

Investment Advice for 2026
Soumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said silver is attractive due to its dual status as an industrial and precious metal. While strong demand and stable supply indicate potential gains, experts caution investors not to buy at peak prices.

Naveen Damani, Head of Commodities & Currency Research at Motilal Oswal Financial Services, advised, “After such a sharp surge, it’s prudent to exercise caution. Prices could drop 7–10%, which would be the ideal window for investment.”

In summary, while gold and silver remain safe-haven assets with strong growth potential, 2026 may bring short-term volatility, and careful, strategic investment is recommended.