Gold-silver ratio falls to 52.85, lowest since January

52.85

On Wednesday 13 May 2026, one gram of gold bought 52.85 grams of silver. That is the gold-silver ratio: the price of gold divided by the price of silver, gram for gram. Gold closed at ₹1,44,439 per 10 grams and silver at ₹2,73,301 per kg.

It is the lowest close since 29 January 2026, and it came fast. At the end of April the ratio stood at 62.76.

The prices are the international price (the COMEX futures close) converted to rupees each day, the series on our gold and silver price page. Because both metals are converted at the same day's dollar rate, the currency cancels out, and the ratio is the same in rupees as in dollars.

Silver ran, gold walked

The ratio fell because silver outran gold by a wide margin in the first nine sessions of May.

Silver gained 6.53% on 11 May alone and 4.68% on 13 May. Its close on 13 May is its highest since 29 January, though still 19.3% below its peak of ₹3,38,545 on 26 January. Gold, by comparison, is 8.2% below its own peak.

Four and a half years of the ratio

Our series starts on 14 September 2021 and has 1,172 sessions with a price for both metals.

For four years the ratio kept to a narrow band, averaging 83 to 85, and its median over the whole series is 83.90. It peaked at 103.94 on 7 May 2025. From there it fell further and faster than at any other point in the series:

• It first closed below 70 on 9 December 2025, and below 60 on 26 December 2025.
• It bottomed at 44.14 on 26 January 2026, the day silver made its highest close.
• Only 11 sessions in the entire series have closed below today's 52.85. All of them fall between 14 and 29 January 2026.

Then came the reversal. When silver lost 31.5% in a single session on 30 January, the ratio jumped from 46.64 to 60.21, and it spent February to April between 56 and 67.

What a low ratio means

A high ratio means silver is cheap relative to gold; a low one means it is dear. The ratio says nothing about whether either metal is cheap in absolute terms.

It moves because the two metals move by different amounts, and in 2026 silver has had the larger swings in both directions. On 30 January, gold lost 11.6% and silver 31.5%. In March, gold lost 7.9% and silver 16.4%. In the first part of May the same pattern ran the other way.

What this does not tell you

A low ratio is not a signal. It fell from 103.94 to 44.14 in under nine months. At any point on the way down, "silver looks expensive" would have been true and early.

Four and a half years is not a long history. A median of 83.90 describes this window, not a level the ratio must return to.

Spot is not what you pay. These are international prices before import duty and GST, and silver 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 charts. For how the two metals did last month, see gold and silver in April 2026, and for the March fall that lifted the ratio, gold and silver in March 2026.

On how much of either metal belongs in a portfolio, read debt and gold as shock absorbers.