If you bought silver last Akshaya Tritiya, your 170% returns beat gold’s 59% rise

Gold and silver have delivered strong but sharply divergent returns since last Akshaya Tritiya, with silver significantly outperforming gold even amid heightened volatility across global markets.

Both metals have recovered part of their recent losses and are trading higher in April 2026 so far, though price action remains choppy amid geopolitical tensions, shifting interest rate expectations and uneven global demand trends.

Gold prices in India are up nearly 2% this month after a steep correction in March 2026, when 24K, 22K and 18K gold fell around 14% following escalation in US–Israel–Iran tensions and broader risk-off sentiment across markets.

Despite this volatility, gold’s longer-term performance remains strong. Since the last Akshaya Tritiya (April 30, 2025), when 24K gold stood at around ₹97,910 per 10 grams, prices have surged to about ₹1.55 lakh per 10 grams in early April 2026 — a gain of nearly 58.7% in less than a year.

Analysts said the rally reflects a tug-of-war between safe-haven demand and macro headwinds such as dollar strength and interest rate uncertainty.

However, this support has been uneven, with periodic profit-taking and ETF outflows limiting upside.

“From a forward-looking perspective, the outlook for bullion remains asymmetric. A meaningful diplomatic breakthrough could support the dollar and thereby constrain further upside in gold prices. Conversely, any fresh escalation would reignite inflationary pressure, reinforce the higher-for-longer rate narrative, and weigh on precious metals,” said Kaynat Chainwala, AVP Commodity Research at Kotak Securities.

Silver, however, has clearly outpaced gold over the same period, emerging as the standout performer in the precious metals space.

From last Akshaya Tritiya levels of around ₹1 lakh per kg, silver has surged to nearly ₹2.70 lakh per kg, delivering gains of about 170% — almost triple the return of gold over the same period.

In April 2026 so far, silver has also extended its outperformance with nearly 6% gains, even after a sharp 15–16% decline in March.

The sharp divergence in returns has been driven by silver’s dual nature as both an industrial and investment asset. While weak industrial demand — particularly from manufacturing and solar-linked sectors — weighed on sentiment in March, the long-term consumption story remains intact.

Stronger dollar phases and higher bond yields added to near-term pressure, but did not offset broader structural demand from solar energy, electronics and green technology applications.

Gold, in contrast, has remained more sensitive to macro shifts such as rate expectations and dollar strength, keeping it largely range-bound despite safe-haven support.

Commodity trends have also been influenced by energy markets, with oil price swings adding to inflation and growth uncertainty, indirectly shaping bullion sentiment.

Markets continue to react to shifting correlations between oil, equities and precious metals, with each asset class responding differently to macro cues, according to UBS-linked analysis.

Gold is expected to remain in a consolidation phase in the near term, while silver may continue to see sharper swings given its higher sensitivity to industrial cycles.

Tata Asset Management has recommended a staggered investment approach, citing ongoing volatility.

Overall, fund houses remain cautiously constructive on bullion, but the key takeaway from the past year is clear: silver has decisively outperformed gold since last Akshaya Tritiya, even in a volatile macro environment.

Note To Readers

Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Readers should consult certified experts before making any investment decisions.