TL;DR: Between 2018-19 and 2025-26, average gold prices in Mumbai rose by approximately 280%, from ₹31,193 to ₹1,18,421 per 10 grams, while silver prices increased by 324%, from ₹38,404 to ₹1,62,672 per kilogram. In 2025-26, gold prices in Mumbai averaged 5.4% above the London-equivalent price, while silver averaged 6.9% above the New York-equivalent price. After reaching early-2026 highs, both metals have corrected. According to the World Gold Council, international gold prices fell 8.5% in September 2026 on higher US Treasury yields and a stronger dollar, while domestic gold prices fell 4.8%. Reuters reported in October 2026 that demand for silver in India remained weak amid a sharp price correction.

Context

Gold and silver hold a special place in Indian households. From buying jewellery on Dhanteras to gifting silver coins during Diwali, precious metals are closely associated with prosperity, tradition and financial security.

However, prices do not always rise when festive demand increases. Gold and silver are traded in international markets, where interest rates, currency movements, investor sentiment and industrial demand influence their value. These global factors can outweigh seasonal buying in India.

Gold is widely viewed as a store of value during economic uncertainty, while silver serves as both an investment asset and an industrial raw material. Its use in electronics, electrical equipment and solar panels makes silver particularly sensitive to changes in manufacturing demand.

Market reports published in October 2026 identified expectations of elevated US interest rates, a stronger dollar and reduced investor positioning as pressures on precious metals. Concerns about industrial demand weighed on silver, while increased silver import permits in India were expected to ease domestic supply tightness.

Who Compiles This Data?
The Reserve Bank of India (RBI) publishes gold and silver price statistics in its annual Handbook of Statistics on the Indian Economy. The handbook contains macroeconomic and financial statistics covering prices, banking, financial markets, public finance, foreign trade and other economic indicators.

Where can I download Clean & Structured Data about the Gold and Silver Prices?

Clean, structured and ready-to-use data on the year-wise and month-wise average prices of gold and silver in domestic and foreign markets can be downloaded from Dataful.

Key Insights

Gold and Silver Prices Have More Than Tripled in Seven Years

Gold prices in Mumbai more than tripled between 2018-19 and 2025-26. The annual average increased from ₹31,193.41 per 10 grams to ₹1,18,420.90, a rise of approximately 280%. Silver rose even faster, from ₹38,404.23 per kilogram to ₹1,62,672.26, an increase of approximately 324%, which means it more than quadrupled.

The rise accelerated in the latest full financial year. Between 2024-25 and 2025-26, average gold prices in Mumbai increased by approximately 56%, while silver prices rose by about 83%.

Prices have since moved off their highs, though not back to earlier levels. Silver peaked at ₹2,85,593 per kilogram in January 2026 and averaged ₹2,41,743 in June 2026, a fall of about 15%. Gold peaked at ₹1,54,039 per 10 grams in February 2026 and averaged ₹1,48,095 in June, about 4% lower. Even so, April to June 2026 averages (₹1,50,926 for gold and ₹2,48,872 for silver) were about 27% and 53% above the 2025-26 annual averages. The 2026-27 figures cover only three months and should not be read as a full-year average.

Why Are Indian Prices Different From International Prices?

In 2025-26, the average gold price in Mumbai was ₹1,18,420.90 per 10 grams, compared with ₹1,12,381.86 for gold in London. The difference was ₹6,039.04 per 10 grams, or about 5.4% of the London price.

Silver showed a similar pattern. Its average price in Mumbai was ₹1,62,672.26 per kilogram, compared with ₹1,52,150.09 for silver in New York. The difference was ₹10,522.17 per kilogram, or about 6.9%.

These premiums have varied over time. The gold premium was ₹2,813.05 per 10 grams in 2018-19 (about 9.9% of the London price) and peaked at ₹7,939.53 in 2023-24. Several factors can contribute to these differences, including import duties, exchange-rate movements, transportation and other costs, domestic supply conditions and local market premiums.

Currency movements are particularly important. If international gold prices fall while the rupee weakens against the US dollar, the decline in Indian prices may be smaller. Conversely, a stronger rupee can make imported bullion cheaper, all else being equal.

Silver Prices Have Grown Faster Than Gold Prices

To compare the growth of gold and silver prices in simple terms, both metals can be measured using an index, with 2018-19 set to 100. An index of 200 means the price has doubled from the starting year, 300 means it has tripled, and 400 means it has quadrupled.

By 2025-26, the gold price index reached 379.6, while the silver price index reached 423.6. Silver’s higher index shows faster percentage growth over these seven years, though the two metals did not follow identical paths. An index also removes the unit problem: gold is priced per 10 grams and silver per kilogram, so comparing actual prices directly would be misleading.

The Gold-to-Silver Ratio Shows How Their Relative Values Change

The gold-to-silver ratio shows how many kilograms of silver are equivalent in value to one kilogram of gold. Using Mumbai’s 2025-26 average prices:

• Gold price per kilogram: ₹1,18,42,090 (₹1,18,420.90 × 100)

• Silver price per kilogram: ₹1,62,672.26

• Ratio: ₹1,18,42,090 ÷ ₹1,62,672.26 ≈ 72.80

One kilogram of gold was worth approximately 72.8 kilograms of silver based on annual average prices in Mumbai. The ratio declined from 85.09 in 2024-25 to 72.80 in 2025-26, indicating that silver’s price increased faster than gold’s. The April to June 2026 average ratio was lower still, at about 60.6.

A falling ratio indicates that silver is gaining value relative to gold. However, the ratio measures relative price performance and does not, by itself, predict future price movements.

Why Does It Matter? 

The recent dip from early-2026 peaks shows the difference between seasonal demand and the wider forces that determine precious-metal prices. Festive purchases can support jewellery sales, but international prices, the rupee, import costs and investor expectations continue to influence what Indian consumers pay.

The data also shows that both metals are substantially more expensive than they were a few years ago. Through June 2026, monthly averages had eased only modestly from their peaks, but more recent market reports describe further decline in the subsequent months.

For consumers, comparing current prices with recent highs, checking the purity and weight of the metal, and accounting for making charges and applicable taxes gives a more useful picture than a single headline price. For investors, interest-rate expectations, currency movements, silver’s industrial outlook and domestic bullion premiums are important indicators to watch.

Key Numbers (from 2018-19 to 2025-26)

• Gold, Mumbai (₹ per 10 grams): ₹31,193.41 (2018-19) → ₹1,18,420.90 (2025-26)

• Gold, London (₹ per 10 grams): ₹28,380.36 → ₹1,12,381.86

• Silver, Mumbai (₹ per kilogram): ₹38,404.23 → ₹1,62,672.26

• Silver, New York (₹ per kilogram): ₹34,540.20 → ₹1,52,150.09

• Price increase, Mumbai: Gold about 280%, Silver about 324%

• Domestic premium, 2025-26: Gold ₹6,039.04 per 10 grams, Silver ₹10,522.17 per kilogram

• Highest gold premium (2018-19 to 2025-26): ₹7,939.53 (2023-24)

• Gold-to-Silver ratio: 85.09 (2024-25) → 72.80 (2025-26)

• Change from peak to June 2026: Silver about -15% (from January), Gold about -4% (from February)