The gold–silver ratio is calculated by dividing the price of one ounce of gold by the price of one ounce of silver.(AFP)AI Quick ReadThe gold-silver ratio rose in the past month, highlighting a clear outperformance of gold over silver amid rising global uncertainty. The ratio, which had fallen below 45 in January, climbed to around 62 in March and was hovering near 63.7 on April 13, reflecting a decisive shift in investor preference toward gold.
This marks a strong rebound from April 2025, when the ratio had spiked above 100 before dropping to sub-45 levels earlier this year. The recent rise signals that investors are once again favouring gold as a safer asset in a volatile macro environment.
Despite gold’s relative outperformance, both precious metals came under pressure on Monday. Spot gold fell 0.4% to $4,726.64 per ounce as of 0620 GMT, after touching a low of $4,643 earlier in the session — its weakest level since April 7. U.S. gold futures for June delivery declined 0.8% to $4,748.70.
Silver, however, saw sharper losses, with spot prices dropping 1.9% to $74.41 per ounce. On the domestic front, MCX silver prices fell 2.5% to ₹2,37,190 per kg, while gold declined 0.8% to ₹1,51,457 per 10 grams.
The weakness in precious metals was driven by a stronger dollar and a sharp rise in crude oil prices after U.S.-Iran peace talks collapsed. The dollar strengthened 0.4%, making dollar-denominated commodities more expensive for global investors and thereby dampening demand.
At the same time, oil prices surged to around $104 per barrel after the U.S. Navy prepared a blockade of the Strait of Hormuz, fuelling inflation concerns. This has significantly altered interest rate expectations, with traders now seeing little chance of a U.S. Federal Reserve rate cut this year.
The gold-silver ratio measures how many ounces of silver are needed to buy one ounce of gold. It is calculated by dividing the price of gold by the price of silver. A rising ratio indicates gold is outperforming silver, while a falling ratio suggests stronger performance by silver.
The current uptrend in the ratio suggests a growing tilt toward gold, driven by its safe-haven appeal during geopolitical uncertainty. Analysts believe the ratio could rise further, potentially moving towards 68 in the near term and even 75, implying continued relative weakness in silver.
Both gold and silver have retreated from their record highs amid heightened volatility triggered by the U.S.-Iran conflict. Rising crude oil prices have stoked inflation concerns, strengthened the dollar, and reinforced expectations of prolonged higher interest rates — all of which are shaping investor behaviour.
“Tata MF said gold prices witnessed selling in March 2026, falling by approx. 7% in India, while in dollar terms prices fell by 11% during the same period, largely due to a stronger dollar and margin calls amid a sell-off in riskier assets.”
“We expect gold prices to consolidate in the current range in the short term due to mixed fundamentals, including a pause in U.S. interest rates, a stronger dollar, and higher yields, with expected price swings of around 5%, while the medium-to-long-term outlook remains bullish.”
“Silver is a developing growth story, and the long-term trend depends on a broad recovery in industrial demand; investors can consider a staggered approach for medium- to long-term investments given the volatile nature of the commodity,” Tata MF said.
For silver, Tata Mutual Fund highlighted that prices have been under pressure due to weakening industrial demand, decline in solar installations, and unwinding of long positions, which has eased earlier supply tightness.
Overall, while gold continues to benefit from safe-haven demand, silver’s outlook remains more closely tied to industrial recovery, making it relatively more vulnerable in the current environment.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience.
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Her core areas of coverage include stock markets, leading listed companies, currencies, and commodities, with a particular strength in fast-paced, real-time market reporting. She is known for handling breaking market news, earnings-driven stock movements, and macroeconomic developments with speed, accuracy, and context—qualities that are essential in financial journalism.
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Pranati has built a diverse and credible professional track record across some of India’s most respected news organisations, including MintGenie, CNBC-TV18, Business Standard and EconomicTimes.com. During her stints at these platforms, she produced data-driven market stories, curated and steered live blogs during volatile trading sessions, and conducted interviews with market veterans, fund managers, economists, and industry experts. Her work often combines on-ground reporting with analytical depth, helping readers make sense of daily market fluctuations and longer-term trends.
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