The number
On 1 October 2026 one gram of gold bought 68.45 grams of silver. That is the gold-silver ratio: the price of gold divided by the price of silver, gram for gram.
Gold stood at about ₹1,28,868 per 10 grams and silver at about ₹1,88,261 per kg, on the international spot rate converted to rupees. The ratio is the same in any currency, because both metals are converted at the same day's rate.
Five years in one table
Our daily price series starts on 14 September 2021, which gives 1,269 sessions.
| Year | Sessions | Average | Low | High |
|---|---|---|---|---|
| 2021 (from Sep) | 77 | 77.1 | 73.0 | 82.0 |
| 2022 | 251 | 83.3 | 74.6 | 96.7 |
| 2023 | 250 | 83.2 | 76.5 | 91.4 |
| 2024 | 252 | 84.8 | 72.7 | 91.4 |
| 2025 | 251 | 87.7 | 56.5 | 103.9 |
| 2026 (to 1 Oct) | 188 | 63.1 | 44.1 | 71.6 |
For four years the ratio barely changed its habits, averaging 83 to 85. The median over the whole series is 83.35. Then, in less than nine months, it went from its highest to its lowest.
May 2025 to January 2026: silver's run
The ratio peaked at 103.94 on 7 May 2025, with gold at about ₹92,183 per 10 grams and silver at ₹88,685 per kg.
It bottomed at 44.14 on 26 January 2026. Between those two dates:
- gold rose 62.1%, to about ₹1,49,436 per 10 grams;
- silver rose 281.7%, to about ₹3,38,545 per kg.
Both metals rose, but silver nearly quadrupled. Gold bought less than half as much silver at the end as at the start.
The turn came late in that window. From 1 January to 11 November 2025 the ratio never closed below 80. The first close below 80 was 78.83 on 12 November 2025, and the first below today's 68.45 was on 11 December 2025.
January to October 2026: the snap back
Since 26 January, both metals have fallen and silver has fallen further.
- Gold is down 13.8%, from ₹1,49,436 to ₹1,28,868.
- Silver is down 44.4%, from ₹3,38,545 to ₹1,88,261.
The fall has pushed the ratio back up from 44.14 to 68.45. That is near the top of 2026's range (the year's high is 71.6), but still lower than any close before 11 December 2025. All 171 sessions on which the ratio closed below today's level fall between 11 December 2025 and 28 September 2026.
What the ratio can tell you
The ratio is a way of comparing the two metals without a currency in the way. A high ratio means silver is cheap against gold; a low ratio means it is dear.
It moves for two reasons. Gold leans on investment and central-bank demand; silver has those plus industrial uses, so it tends to rise more in a rally and fall more in a sell-off. Over the last eighteen months that pattern ran in both directions: silver outran gold by a wide margin into January, then fell more than three times as far.
What this does not tell you
Five years is not a history. The series begins in September 2021. A median of 83 describes those five years, not some long-run "normal" the ratio has to return to.
A low ratio is not a signal to switch. The ratio was at 78.83 in November 2025 and kept falling for ten weeks, to 44.14. Anyone who "switched to gold" at 78 would have watched silver more than double again first.
Spot is not what you pay. These are international prices converted to rupees, before import duty and GST. Silver also costs more to store and trade per rupee than gold.
Where to go from here
The gold and silver price page has today's rates and both five-year charts. For the twelve-month returns of each metal, see gold and silver over the year to October; for gold's September in detail, see gold in September 2026.
On how much of either belongs in a portfolio, read debt and gold as shock absorbers.
Frequently asked questions
What is the gold-silver ratio now?
On 1 October 2026 the gold-silver ratio was 68.45: one gram of gold was worth 68.45 grams of silver. Gold was about ₹1,28,868 per 10 grams and silver about ₹1,88,261 per kg on the international spot rate converted to rupees.
Is a gold-silver ratio of 68 high or low?
Low against the last five years. Its median since September 2021 is 83.35, and before 11 December 2025 it never closed below 72.67. High against 2026 itself, where it has averaged 63.1 and touched 44.14 on 26 January.
Does the rupee affect the gold-silver ratio?
No. Both metals are priced in dollars and converted at the same day's exchange rate, so the currency cancels out. The ratio is the same in rupees as in dollars.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are as of the dates stated and can be revised by their source.
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