WHAT'S IN STORE FOR 2026?

AS WARREN BUFFETT famously advised, “Do not put all your eggs in one basket.”

- BY CHITRANJAN KUMAR

That lesson fits the market situation in 2025 perfectly, as sharply divergent moves across asset classes exposed the cost of concentrated bets and reinforced the importance of portfolio balance. The year served as a real-time reminder that markets rarely move in sync and often defy even seasoned expectations. While certain assets surged to historic highs, others stagnated or delivered returns that barely kept pace with inflation.

Gold leads, silver outperforms

If one asset truly captured investors’ imagination in 2025, it was gold. Marking its third consecutive year of record highs, the yellow metal surged over 60% year-to-date (as of December 17, 2025), scaling more than 50 all-time highs throughout the year, says the NSE Market Pulse report.

Globally, gold emerged as one of the strongest-performing assets, touching a record $4,381.58 per ounce in October, according to World Gold Council (WGC) data.

In a world unsettled by geopolitical tensions, trade disruptions, currency volatility, and shifting monetary regimes, the yellow metal once again reaffirmed its role as the ultimate hedge. In India, gold prices climbed to a record ₹1,32,000 per 10 grams, rising over 60% in 2025, with rupee depreciation amplifying gains compared with global markets.

In a similar trend, silver reached a new all-time high of $67.45 per ounce in December, while breaching the ₹2 lakh per kilogram mark for the first time in India. Supported by record investment inflows, structural supply deficits, and tightening availability, silver emerged as the top-performing precious metal of 2025, delivering a YTD return of over 130% as of December 17, 2025—significantly outperforming gold’s returns.