Gold is 24% and silver 55% below their January peaks

Two metals, one direction since January

On 2 November 2026 gold was ₹11,925.86 a gram in our data, about ₹1,19,259 per 10 grams. Silver was ₹153.39 a gram. Both are well below the highs they set earlier this year.

Silver has fallen more than twice as far as gold from its January high. That is consistent with silver's long history of larger swings in both directions.

The last month

Between 2 October and 2 November, gold fell 7.4% and silver fell 17.3%. Silver therefore lost more than twice what gold did in the same four weeks, and the gap in their moves is visible in the ratio below.

Still ahead over a year

Despite the fall from January, both metals are higher than they were twelve months ago:

A year ago gold was ₹11,456.74 and silver ₹136.68 a gram. So an investor who bought on 3 November 2025 is up, on the spot price, even after a roughly one-quarter fall in gold from the January peak. Three years back, gold has more than doubled in rupees (₹5,350.78 a gram on 3 November 2023) and silver has risen about 2.5 times (₹62.10).

These are price changes on the spot series only. They do not include the cost of any product, such as the expense ratio on a gold ETF or fund of funds.

The gold-silver ratio moved back up

The ratio is gold's rupee price divided by silver's. Here is how it has moved:

The ratio stood at 62.0 on 4 May, when silver was far ahead of gold, and has climbed back to 77.7 as silver fell faster. A higher ratio means one gram of gold now buys more silver. It is a way of comparing the two metals against each other, not a signal for either. The site has a longer study of where the ratio has sat historically: the gold-silver ratio at 71.9 in 6,554 readings since 2000.

What a peak-to-now fall means in practice

• Recovery arithmetic. A 24.2% fall needs a gain of about 32% to get back to the old high; a 54.7% fall needs about 121%. These numbers follow from the percentage maths in a 50% fall needs a 100% gain. Silver is the metal with the longer climb.
• How long recoveries have taken. Past peaks give a sense of the range but not a forecast; see how long gold and silver took to regain a peak in rupees.
• Allocation, not timing. Most investors who hold gold do so as a small part of a portfolio. Rebalancing between assets, as in rebalancing a 60/40 portfolio, is a rule-based way to handle swings like these.

Gold and silver ETFs and funds in our database are listed on the screener, each with its own expense ratio and tracking difference against the metal.

Prices in rupees per gram as stored in our database, as of 2 November 2026. Not investment advice.