Gold and silver went nowhere in April 2026

A flat month after a fall

After the worst month in our series, April 2026 left gold almost exactly where it started. Gold closed March at ₹1,40,990 per 10 grams and April at ₹1,40,824, a change of −0.12%. Silver went from ₹2,26,581 to ₹2,24,399 per kg, down 0.96%.

As in the rest of this series, the prices are the international price (the COMEX futures close) converted to rupees at each day's dollar rate, the figures on our gold and silver price page. Gold is for pure metal, and both are before import duty and GST.

Up, then back down

A flat month-end hides a month that moved.

• Gold fell 3.63% on 2 April, its worst day of the month, then climbed to a high of ₹1,47,288 on 14 April, 4.5% above where March ended. It gave all of that back over the next two weeks, touching ₹1,38,307 on 29 April before a 1.82% rise on the last day.
• Silver made its low early, ₹2,14,338 on 7 April, and its high ten days later, ₹2,44,524 on 17 April. It gained 5.61% on 14 April and lost 3.89% on 21 April.

Even so, this was the calmest month of 2026 for both metals. From its low to its high, gold covered 6.5% in April, against 26.1% in January, 12.3% in February and 17.6% in March. Silver's range was 14.1%, against 65.9%, 26.5% and 26.8%.

Equities bounced, metals didn't

In March gold and silver fell alongside equities. In April they parted ways.

Two months in a row, then, the metals have done something different from what a simple "gold moves against stocks" rule would predict: falling with the market in March, standing still while it rose in April.

The year so far

Four months into 2026, gold is up 12.80% and silver 10.86%. Over twelve months the gains are still very large: gold 55.6% since 30 April 2025, when it stood at ₹90,501, and silver 151.9%, from ₹89,080.

Both remain well below their January highs. At the end of April gold was 10.5% under its peak of ₹1,57,381 (29 January) and silver 33.7% under its peak of ₹3,38,545 (26 January). The first session of May, 1 May, lifted gold to ₹1,41,053 and silver to ₹2,31,390.

The rupee and the ratio

The dollar rose 0.59% against the rupee in April, from about ₹94.36 to ₹94.92. That small rupee weakness propped up the rupee price: in dollar terms gold fell about 0.7% and silver about 1.6%.

The gold-silver ratio barely moved, from 62.23 to 62.76. Within the month it ranged from 59.43 on 17 April, when silver peaked, to 64.84 on 7 April, when silver hit its low.

What this does not tell you

A quiet month is not a trend. April's flat close followed the worst month in our series, and it says nothing about which way the next move goes.

Gold is not a reliable mirror of equities. It fell with them in March and ignored their rise in April. Two months are far too few to say how the two move together.

Spot is not what you pay. Retail prices add import duty, 3% GST and making charges; gold funds and ETFs track the domestic price and carry an expense ratio.

Where to go from here

The gold and silver price page has today's rate for every common weight. For the fall that came before this, see gold and silver in March 2026. For how gold funds have tracked the metal, see gold fund returns to April 2026, and for what equities did in April, the April 2026 market recap.

The guide to gold funds and ETFs covers the ways to hold it.