Gold prices surged nearly 75% in 2025, marking one of their strongest annual performances in decades, while the Nifty 50 delivered only single-digit returns. The sharp divergence reinforced gold’s role as a powerful diversification tool. Reflecting this shift, gold ETF AUM jumped to about Rs 1.11 lakh crore by end-2025, more than doubling in a year and rising over five-fold in three years.
Gold and silver were the standout performers of 2025, delivering record rallies driven by global rate cuts, geopolitical uncertainty, and strong institutional demand. Gold surged past $4,500 per ounce as central banks emerged as the largest buyers, steadily adding to reserves to diversify risk and hedge against global shocks. ETF and long-term investor participation further tightened supply, pushing prices sharply higher. Silver followed gold but outperformed at times due to strong industrial demand from renewables, electronics, and electrification, making the rally more volatile. After some profit booking, the key question is what lies ahead in 2026. Lower interest rates and continued central-bank buying should support gold as a strategic portfolio stabiliser, while silver is likely to remain volatile, offering higher returns but requiring disciplined timing.
In domestic markets, February gold futures on the Multi Commodity Exchange (MCX) were trading around Rs 1,35,668 per 10 grams, up 0.54%, even as prices remained off recent peaks. Earlier, MCX gold futures had slipped nearly 1.4%, or about Rs 2,000, to Rs 1,37,900 per 10 grams.
As 2025 ends, Indian equities climbed the "wall of worry" amid geopolitics, FII selling, tariffs, and global volatility, yet the Nifty holds near 26,200—driven by dominant domestic liquidity and SIP inflows that absorbed every negativity. Gautam Shah of Goldilocks Global Research calls it a year of price highs clashing with sentiment lows, setting the stage for better 2026 performance through earnings validation. Precious.Precious metals (gold, silver) peaked—take profits—while base metals (copper, zinc) promise continued upside. Volatility remains low (India VIX at multi-year lows), but investors must embrace selectivity: focus on quality leaders, reasonable valuations (10–25 PE), concentration over broad diversification, and sectors like PSUs, metals, banking, auto, and real estate. Avoid adventurous/high-PE stocks and the IPO bubble—many trade below issue prices amid froth.FIIs may stay sidelined, but domestic flows keep markets supported short-term. Shah urges global thinking—China, US hotels, Singapore—for diversification. Stick to fundamentals, top names, and balanced portfolios for long-term wealth in 2026.
Gold and silver have delivered extraordinary returns over the past few years, with gold nearly doubling from 2019 levels and silver seeing sharp, volatile moves. But after such a powerful rally, how should long-term investors assess the road ahead? In this conversation, we break down what the next 5–10 years could look like for precious metals and how investors should think about strategy at current levels. While structural factors like rupee depreciation continue to support domestic gold returns, the pace of recent gains makes near-term risk–reward less attractive. Experts suggest moving step by step, focusing on shorter horizons, and waiting for corrections before fresh allocations. The message is clear: precious metals remain a long-term hedge, but timing and discipline matter more than ever.
Gold prices are up about 70% so far this year, while silver has surged more than 150%, marking their strongest annual gains in decades. Despite the strong momentum, market participants urge caution at elevated levels. Buying gold at record highs carries risks, and experts advise against aggressive lump-sum purchases.
The sharp rise in gold prices has reshaped household borrowing behaviour. Gold loans have emerged as one of the fastest-growing segments of retail credit, with loans against gold jewellery rising 128.5% year-on-year to Rs 3.38 lakh crore in October 2025. Should you go for gold loans?
Gold climbed to a fresh peak above $4,530 an ounce on Friday, extending its best run in decades. Silver surged past $75 for the first time, while platinum jumped nearly 8% to a record high. Markets are betting on Fed rate cuts, a weaker dollar and sustained geopolitical risks.
Silver has emerged as the standout performer, decisively outperforming gold and most global asset classes with extraordinary returns of 140–145 per cent. According to Ajay Kedia, MD & Director of Kedia Advisory, such a surge has rarely been witnessed in a single year. Unlike previous rallies driven largely by speculation, the current cycle is fundamentally different, powered by a sharp rise in industrial demand from clean energy, electric vehicles, solar power and data centres, alongside strong ETF inflows. With international silver prices already hovering near $67 an ounce, Ajay Kedia expects the metal to test $75–80 levels by 2026. On the domestic front, silver prices could conservatively approach ₹2.5 lakh per kilogram. While volatility remains high — a characteristic feature of silver — Kedia advises investors not to fear corrections and instead adopt a disciplined approach through SIPs. As industrial demand reshapes the silver market, the white metal may continue to surprise on the upside in 2026.
Gold, long regarded by Indian households as a store of value and a hedge during times of crisis, is now undergoing a fundamental shift in how it is viewed as an investment. For the first time in many years, investors are looking beyond physical gold and embracing financial instruments such as gold ETFs, signalling a maturing approach to gold purely as an asset class. Speaking on this evolving trend, Ajay Kedia, MD & Director of Kedia Advisory, highlights how gold ETFs have emerged as a surprise performer, reflecting deeper investor confidence. While the extraordinary returns of the past may not be repeated, Ajay Kedia expects gold to continue delivering steady gains, with annual returns in the range of 15–18 per cent appearing achievable as key global and macroeconomic factors remain largely intact. On the price front, he projects international gold prices could approach $4,800, while domestic prices in India may move closer to ₹1,50,000. As gold transitions from a traditional safe haven to a strategic investment choice, 2026 could mark another significant chapter in its journey.
Unlike gold and silver, platinum occupies a unique position as both a precious and an industrial metal. According to the World Platinum Investment Council (WPIC), the global platinum market is currently in deficit, a factor that has supported prices and revived investor interest.





