For early investors in gold and silver, 2025 and early 2026 delivered extraordinary returns. Silver, for instance, rallied 170% in 2025 and surged to a record high of Rs 4.54 lakh per kilogram in January. Gold, the preferred safe-haven asset, climbed to an all-time high of Rs 2.04 lakh per 10 grams.
Then came the sharp reversal. As tensions escalated in West Asia, the US, Israel and Iran exchanged missiles, many expected precious metals to extend their rally. Historically, periods of geopolitical uncertainty have driven investors towards safe-haven assets like gold and silver. This time, however, the opposite happened. Instead of climbing, both metals witnessed a steep correction, leaving many investors who entered near the peak staring at significant losses.
