Gold, silver rates today: Gold and silver prices are entering a prolonged three- to five-year bull cycle, supported by favourable macroeconomic conditions, structural demand trends, and shifting investor preferences, according to Emkay Wealth Management’s latest report.
The comments come amid a recent correction in precious metals. Gold prices have fallen about 14% from their peak, while silver has declined nearly 40%, a pullback that could emerge as a potential long-term accumulation opportunity.
After the late-January selloff, the two metals have largely moved into a consolidation phase. On Thursday, ₹1,58,000 per 10 grams”>gold hovered around ₹1,58,000 per 10 grams on the Multi Commodity Exchange (MCX), while ₹2,61,300 per kg”>silver traded near ₹2,61,300 per kg.
Gold and silver prices outlook
According to the report, both gold and silver emerged from nearly a decade-long consolidation phase and entered a structural bull market around a year ago.
“Analysis of historical price behaviour over the past three decades suggests that such breakout phases typically persist for three to five years. Investors who allocated to gold over the past 12 to 18 months have already benefited from strong gains, which have been further enhanced for Indian investors by the depreciation of the rupee against the US dollar,” the report said.
Despite the recent corrections, both metals remain firmly higher in 2026. Gold prices have risen 16% so far this year, while silver is up 11%, building on last year’s sharp rally of 70% in gold and 170% in silver.
The extent of further gains will hinge on global economic conditions and policy trends. Slower global growth, coupled with an accommodative monetary stance, would likely continue to underpin gold and silver prices.
Last year, the US Fed had cut rates three times by 25 bps, providing a leg-up to bullion prices as a lower interest rate regime tends to increase the appeal of non-interest-yielding assets.
However, the wealth management firm cautioned that a stronger-than-anticipated rebound in the US economy or prolonged strength in the dollar could briefly temper the rally. For Indian investors, currency movements remain crucial, as any sharp appreciation of the rupee may cap returns even if international prices remain steady, according to the report.
On the overall outlook, the firm said that both precious metals continue to find strong support at current levels, underpinned by solid structural factors driving the rally.
Although short-term volatility may persist, the medium- to long-term outlook for precious metals remains positive, as investors increasingly turn to them for diversification, stability, and a hedge against macroeconomic and currency uncertainties, it said.
What should investors do?
The brokerage firm recommended the existing investors to to continue holding gold and silver as part of a diversified portfolio. Any incremental additions should be made gradually and preferably during periods of correction.
“Portfolios with relatively high exposure, particularly where gold and silver together account for more than 25 to 30% of assets, should be reviewed with a professional advisor to assess profit booking while retaining strategic allocations,” it said.
Meanwhile, for new investors, the firm suggested adopting a disciplined approach. “An allocation of around 5% to 10% of the overall portfolio may be more appropriate. Investments are best staggered over time to mitigate volatility, with options including physical gold, gold and silver ETFs, gold mutual funds and precious metal-linked investment products,” it added.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
