The gold–silver ratio has witnessed sharp swings recently, reflecting heightened volatility in precious metal prices. At the end of January 2026, the ratio fell to a multi-year low of around 44–46 as silver prices surged parabolically, briefly crossing the $100-per-ounce mark.
However, a steep correction in silver prices in early February triggered a swift reversal in the ratio, which rebounded towards the 60 level. As of February 11, 2026, the gold–silver ratio is trading comfortably above 61.
The recent rise in the gold-silver ratio follows a renewed rally in bullion prices after the sharp sell-off seen at the beginning of the month. On Wednesday, spot gold prices rose 0.7% to $5,057.23 per ounce, while US gold futures for April delivery gained 1% to $5,081.40 per ounce. Spot silver climbed 2.3% to $82.56 an ounce, after falling more than 3% in the previous session.
Gold prices have surged more than 15% from their February 2 lows, while silver prices have rebounded around 16% from the same day’s trough. Notably, silver had suffered a dramatic 26% slump in a single session on January 30, underscoring the extreme volatility that has gripped the metal.
At the peak of the precious metals rally, the gold–silver ratio had collapsed to the 44 level. Following the sharp correction in silver prices, the ratio gradually climbed back above 60 and is now trading above 61. Here’s what this shift indicates for investors.
What is the gold-silver ratio?
The gold–silver ratio measures the relative value of gold and silver. It represents the number of ounces of silver required to purchase one ounce of gold. The ratio is calculated by dividing the price of gold by the price of silver.
The gold-silver ratio is widely tracked as a gauge of relative performance and valuation between the two precious metals.
What does a gold–silver ratio above 60 signal?
Market experts believe the gold–silver ratio marking a low near 43.80 was a technically and historically significant event. The subsequent move back above 60 suggests the market has entered a phase of normalisation, with gold prices likely to outperform silver prices in the near term.
Ajay Kedia, Director at Kedia Advisory, said that a ratio below 45 is rare and typically occurs during phases of aggressive silver outperformance driven by speculative momentum, ETF inflows, and strong industrial demand narratives. “At 43.80, silver was clearly overextended relative to gold,” he noted.
“The rebound towards the 60-plus zone confirms that the market has entered a normalization phase. If the ratio expands further towards 72–74, it would reflect continued mean reversion — favoring gold’s stability while silver consolidates or corrects after its sharp rally,” said Kedia.
Importantly, he emphasized that this shift does not indicate weakness in the broader bullion space. “Instead, it points to a relative rotation within the precious metals cycle, with gold regaining leadership amid safe-haven demand and sustained central bank accumulation,” he added.
Jigar Trivedi, Senior Research Analyst at IndusInd Securities, echoed a similar view, noting that silver is no longer deeply undervalued relative to gold. “A gold–silver ratio near 60 suggests the discount at which silver trades versus gold has narrowed significantly,” he said.
“This indicates that silver’s phase of sharp outperformance may be maturing. While we expect silver prices to continue rising, the pace of appreciation could slow,” Trivedi added. According to him, the overall undertone remains bullish, but investors should be prepared for two-way volatility in silver prices going forward.
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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
