After silver’s sharp rally of 120%+ in 2025, momentum has cooled. The gold–silver ratio, which compressed to ~44 earlier this year, has moved back to ~64 (Mar ’26) — indicating a clear reversal in relative performance.
This is reflected in price action: silver has corrected ~39% from recent highs, compared to a relatively moderate ~18% decline in gold, reinforcing silver’s higher volatility and the unwinding of its momentum phase.
On 23rd March, both metals tested key supports (Gold ~4100 | Silver ~61), with RSI at 27 and 33 respectively, and prices sustaining their 200-day moving averages. The recent dip appears largely driven by profit booking amid temporary liquidity and geopolitical noise.
Gold continues to remain relatively resilient, supported by structural drivers like central bank demand and its role as a macro hedge. Silver, while volatile, may continue to see stronger long-term demand-led interest.
In the current environment of uncertainty, renewed allocation to gold and selective accumulation of silver on dips is worth considering.
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