The scorecard
Gold and silver are usually described as the same kind of asset. Over single calendar years they have behaved very differently: silver swings roughly twice as hard. This post sets the two against each other, in rupees per gram, with the Nifty 50 beside them as the equity yardstick.
Over 26 calendar-year periods from the end of 2000 to 19 October 2026, Gold finished ahead of Silver 15 times and behind 11 times. Gold compounded 14.2% a year over the period and Silver 13.3%; Gold is up 31.07 times and Silver 25.25 times. All figures are rupee prices per gram, using the last close of each year.
Year by year
| Year | Gold | Silver | Nifty 50 | Gold minus Silver (points) |
|---|---|---|---|---|
| 2001 | +5.8% | +3.1% | −16.2% | +2.7 |
| 2002 | +24.0% | +4.3% | +3.3% | +19.8 |
| 2003 | +13.4% | +17.6% | +71.9% | −4.2 |
| 2004 | +0.9% | +9.6% | +10.7% | −8.7 |
| 2005 | +21.7% | +33.5% | +36.3% | −11.7 |
| 2006 | +20.3% | +42.3% | +39.8% | −22.0 |
| 2007 | +17.1% | +2.9% | +54.8% | +14.3 |
| 2008 | +29.6% | −6.7% | −51.8% | +36.3 |
| 2009 | +19.7% | +44.1% | +75.8% | −24.4 |
| 2010 | +25.3% | +77.5% | +17.9% | −52.1 |
| 2011 | +30.3% | +6.7% | −24.6% | +23.7 |
| 2012 | +10.5% | +11.8% | +27.7% | −1.3 |
| 2013 | −19.0% | −27.7% | +6.8% | +8.7 |
| 2014 | +1.1% | −17.4% | +31.4% | +18.5 |
| 2015 | −6.1% | −7.2% | −4.1% | +1.1 |
| 2016 | +10.9% | +18.3% | +3.0% | −7.4 |
| 2017 | +7.1% | +1.0% | +28.6% | +6.2 |
| 2018 | +6.8% | −1.3% | +3.2% | +8.1 |
| 2019 | +21.2% | +17.8% | +12.0% | +3.4 |
| 2020 | +27.9% | +51.5% | +14.9% | −23.6 |
| 2021 | −1.8% | −9.8% | +24.1% | +8.0 |
| 2022 | +11.1% | +13.8% | +4.3% | −2.7 |
| 2023 | +12.7% | −0.7% | +20.0% | +13.4 |
| 2024 | +32.9% | +26.5% | +8.8% | +6.4 |
| 2025 | +72.0% | +153.6% | +10.5% | −81.6 |
| 2026 to 19 Oct | +1.4% | −14.1% | −12.4% | +15.4 |
The widest lead for Gold was +36.3 points in 2008 (+29.6% against −6.7%). The widest for Silver was +81.6 points in 2025 (+153.6% against +72.0%). In 18 periods both rose, in 3 both fell, and in 5 one rose while the other fell.
What ₹1 lakh would have become
| 29 December 2000 | 19 October 2026 | Multiple | Per year | |
|---|---|---|---|---|
| Gold | ₹1,00,000 | ₹31,07,241 | 31.07× | 14.2% |
| Silver | ₹1,00,000 | ₹25,24,512 | 25.25× | 13.3% |
| Nifty 50 | ₹1,00,000 | ₹18,11,479 | 18.11× | 11.9% |
The gap compounds quietly. Gold ended 23.1% ahead of Silver in total, but its edge came from particular years, not from winning every year. The longest unbroken run of leads was four years for Silver, ending 2006.
How volatile each one was
Across the 25 full calendar years, the yearly return of Gold had a standard deviation of 17.1 points and Silver 36.4 points. Silver was the bumpier of the two. The year-on-year swing, not the average, is what an investor in a single metal actually lives through.
The gold-silver ratio along the way
| Date | Grams of silver for one gram of gold |
|---|---|
| 31 Dec 2001 | 60.9 |
| 31 Dec 2005 | 58.6 |
| 31 Dec 2010 | 46.0 |
| 31 Dec 2015 | 77.0 |
| 31 Dec 2020 | 72.0 |
| 31 Dec 2025 | 61.9 |
| 19 October 2026 | 73.0 |
A ratio that rises means gold outperformed silver in the period before it; one that falls means silver did. The ratio has swung far more than most people expect from two "precious metal" holdings.
Reading the comparison
- Calendar years are a blunt cut. A year that ends on a peak or a trough can flip a winner, so a different start month would change several rows.
- Gold and silver pay no income and the Nifty 50 figure is a price index; dividends would lift the equity column.
- Past leads are not a forecast. A sector or metal that led for several years has also been the one that lagged for several.
- None of this is a recommendation to buy or sell any metal, index or fund.
More on these
- Gold and silver by calendar month since 2000
- The gold-silver ratio since 2000
- Gold vs the Nifty 50 over ten years
Source: WealthTicker's daily gold and silver rupee prices per gram and NSE Nifty 50 closes, 29 December 2000 to 19 October 2026; calendar-year returns, latest period to 19 October 2026.
Frequently asked questions
Which has done better since 2001, Gold or Silver?
Gold. From 29 December 2000 to 19 October 2026 Gold rose 31.07 times (14.2% a year) and Silver rose 25.25 times (13.3% a year), as rupee prices per gram.
In how many years did Gold beat Silver?
15 of 26 calendar-year periods, counting the partial year to 19 Oct. Silver was ahead in 11.
What was the biggest gap between Gold and Silver in one year?
81.6 points, in 2025 in favour of Silver.
This is commentary on published data, not investment advice. WealthTicker is not a SEBI-registered adviser or distributor. Figures are WealthTicker’s own calculations from public data — AMFI’s fund NAVs and disclosures, NSE’s index and FII/DII files, and the fund houses’ monthly portfolios (how we calculate). They are as of the dates stated and can be revised by their source.
Keep reading
Gold and silver month by month in 2026, in rupees
Gold ended September 2026 at ₹12,929 a gram, up 3.2% for the year; silver at ₹185.6, down 8.3%. Monthly moves from +11.8% to -13.2% for gold.
Rupee, gold and silver: twelve months to 19 October 2026
The dollar went from ₹87.88 to ₹94.92 in a year. Gold in rupees is up 3.6%, silver 21.8%, but both are well off their January peaks: gold −18.8%, silver −48.0%.
Silver from ₹10 to ₹300 a gram: how long each level took
Silver first closed at ₹100 a gram on 9 June 2025 and at ₹300 on 26 January 2026. Every round level since 2000, with the slowest leg.