Gold, Silver Scale Record Highs in 2025; Bullish Momentum Seen in 2026

Looking ahead to 2026, analysts expect the broader bull trend to continue, though with higher volatility and periodic consolidation.

SEATTLE (Scrap Monster): Gold and silver emerged as the standout asset classes in 2025, shattering multiple lifetime highs amid a volatile global macroeconomic environment. International silver prices surged an extraordinary 174% by December 26, 2025, while gold gained 72.7%. In India, the rally was equally pronounced, with MCX Silver climbing 165.2% and MCX Gold advancing 81.1% during the year.

The sharp gains were driven by a rare convergence of structural factors rather than a typical cyclical upswing, analysts said. Persistent geopolitical tensions, mounting global debt, fiscal concerns in major economies, aggressive central bank gold buying, and de-dollarisation trends created strong tailwinds for gold. Silver benefited both from macro uncertainty and its expanding role in clean energy, electronics, and electric vehicle supply chains.

Gold Prices Extend Strong Rally as Market Awaits Key Fed Decision

Looking ahead to 2026, analysts expect the broader bull trend to continue, though with higher volatility and periodic consolidation. Jateen Trivedi of LKP Securities said gold’s trading range is likely to shift higher over the next 12–18 months, with prices potentially moving toward ₹1,50,000 per 10 grams. He noted that any corrections should be shallow and viewed as long-term accumulation opportunities.

Brokerages including Kotak Securities and UBS see gold entering a “higher-for-longer” phase, potentially targeting $5,000. Silver is also expected to outperform, supported by recovering industrial demand, though extreme price levels may curb consumption growth.