Gold vs silver vs platinum: Gold has staged a spectacular rally over the past two years, but the yellow metal is not alone. Not just the yellow metal, silver and platinum also witnessed over the same period. As we gear up for Dussehra celebrations next week, let’s understand which precious metal outperformed peers over the last one year.
Dussehra to Dussehra: Which precious metal outperformed peers?
While gold saw a sharp rally in 2025, the yellow metal saw range-bound movement in 2026. Meanwhile, silver saw a highly volatile session by the end of 2025 and a steep surge in the beginning of the year 2026.
Since the last Dussehra celebration, silver has outperformed gold and platinum. “Silver is the winner of the year, but it has also been the biggest round-trip: up 155% by January, now 53% off its peak,” stated Gaurav Garg, Head – Research, Lemonn, adding that anyone who bought silver near the January highs is still sitting on losses.
Gold price rally
The gold rate in India has surged nearly 26% over the last one year. The yellow metal saw a sharp uptick in January this year, but steeply corrected in February. Central bank buying also supports the price. Central banks bought nearly 289 tonnes of gold in the second quarter of 2026, whereas China’s central bank added 23 tonnes in September.
Silver price rally: How it outperformed gold, platinum?
Silver receives strong demand for its high utility and its demand among jewellery buyers. Silver reached its all-time high levels in January and February this year. The historical rally was followed by sharp corrections in March. Despite the correction, silver has surged around 47% over the last one year.
Apart from a rally in prices globally, weakness in the Indian Rupee was also a crucial factor that supported the precious metals’ prices. “Two things outside the metals themselves pushed rupee returns higher. The rupee weakened from 88.71 to 95.05 per dollar. And the import duty went up from 6% to 15% on 13 May 2026, which raised domestic prices by about 8.5%,” explained Garg.
Gold vs silver vs platinum outlook
Gold prices are likely to remain supported by central bank purchases, geopolitical uncertainty and safe-haven demand, highlighted Dr. Ravi Singh, Chief Research Officer from Master Capital Services Ltd.
“Over the next 5-6 months, gold is likely to remain supported by central bank purchases, geopolitical uncertainty and safe-haven demand. Silver also has good potential, supported by industrial demand and investment interest, though its volatility may remain higher. Platinum could recover if supply tightness persists, but its outlook is less certain. Silver offers higher upside potential, while gold remains the relatively safer choice for investors,” explained Singh.
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