Silver’s breakout drags gold-silver ratio to lowest in over a decade

Electronics and solar demands reshape the precious metals trade

- KRISHNA KANT

Silver continues to outperform the yellow metal, with the gold-to-silver price ratio declining to its lowest level since 2013.

The ratio fell to around 57 on Wednesday in the international market, from a five-year high of 100.8 at the end of April 2025. This marks the highest price of silver relative to gold since March 2013, when the ratio stood at 56.4. The price of silver relative to gold was lowest in March 2020, when the yellow metal was 113x more expensive than its white counterpart. Over the past 50 years, gold price has risen faster than silver.

Silver futures were trading at $78.6 per troy ounce (ozt) on Wednesday, while gold was trading at $4,463.6 per ozt. With this, silver prices are up 152 per cent since the end of February 2025, compared with a 56.2 per cent rally in gold over the same period. This is the biggest outperformance of silver over gold on a 12-month basis since April 2011.