BEYOND THE GLITTER

What gold and silver are saying this Diwali

- Viral Bhatt

As the lamps of Diwali brighten homes and hearts, another tradition silently returns each year — India’s love affair with gold and silver.

But today, as markets roar and global uncertainty looms, gold and silver aren't just festive adornments — they're loud signals about what to expect in wealth and protection.

This Diwali, let’s look beyond the shine — understand what current returns mean, whether the rally has room to run, and how to navigate choice and risk.

What the data reveals

2025 has been an explosive year for gold and silver. Gold has crossed multiple records domestically and internationally, while silver has quietly outpaced gold in gains.

@ Retail investment demand for silver jumped ~7% year-on-year in India.

e Jewelry demand for gold has softened, showing a ~17% dip in Q2 2025.

In short: gold has shined; silver has thundered.

What’s driving it

Safe Haven Demand & Macro Pressure: Global uncertainty, rising inflation, and hopes of rate cuts in the U.S. are pushing capital into nonyielding assets.