New Delhi, Dec. 26 -- Silver has been mined for nearly 5,000 years, yet for much of modern financial history, it has lived in gold's shadow. In periods of macro uncertainty, investors rush towards safe-haven gold. Silver, however, has often been viewed as volatile, industrial, and cyclical. That narrative, however, has begun to change meaningfully over the past year.

In fact, during 2025, silver prices surged by around 150% to Rs.218,918 per kg, outperforming gold's 79% return. Over the past five years, silver's 231% gain has also outpaced gold's 173% return. This rapid increase has once again brought silver into the spotlight. At the core of this shift is silver's dual character.

It functions both as a precious metal and as a critical ...