New Delhi, Jan 23 || Silver’s exceptional rally of over 200 per cent in the last 12 months sharply outperforming gold’s 80 per cent surge has created a condition in favour of yellow metal in the near term, a new report has said.
The report from Motilal Oswal Financial Services Ltd. (MOFSL) said that the current gold–silver ratio favours the yellow metal after silver’s outsized run.
The sharp outperformance of silver over has led to a "significant compression in the gold–silver ratio, which has fallen from pandemic highs of 127 to around 50 at the start of 2026," the report mentioned.
This reset suggests that while the long-term outlook for precious metals remains constructive, the near-term risk-reward equation may now be shifting in favour of gold after silver’s outsized run.
“While we remain positive on both metals and silver continues to have long-term upside backed by industrial demand and tight physical market conditions, the recent rally has also increased near-term volatility," said Navneet Damani, Head of Research Commodities and Manav Modi, Commodities Analyst, Motilal Oswal Financial Services Ltd.