Precious metals, particularly gold and silver, witnessed a remarkable bull run in 2025, delivering substantial returns for investors. The Upstox article, published on January 5, 2026, and a similar one on January 12, 2026, accurately reported these significant gains, specifically highlighting Indian market performance. In the Indian market, silver prices dramatically surged by 166.4% in 2025, rising from ₹89,700 per kg at the end of 2024 to ₹2,39,000 per kg by December 31, 2025. This impressive performance was largely attributed to a combination of factors including its rising industrial demand in crucial sectors like Electric Vehicles (EVs), solar energy, and electronics, coupled with persistent global supply shortages. Globally, silver's increase was also substantial, with reports indicating gains ranging from 120% to 150.1%, with some analyses by early 2026 even suggesting a 200% return from early 2025 levels. Gold also demonstrated robust growth, with its price in India ascending by 74.4% in 2025, from ₹78,950 per 10 gram to ₹1,37,700 per 10 gram. International markets saw gold surge by over 60%, with some reports citing a 65.2% rise in US dollar terms, as it surpassed $4,000 per ounce for the first time. This rally was primarily fueled by expectations of interest rate cuts by the U.S. Federal Reserve, a weaker U.S. dollar, heightened geopolitical tensions, and sustained central bank buying of gold as a safe-haven asset. Looking ahead to 2026, analysts widely anticipate a continuation of the bullish trend for both precious metals. J.P. Morgan Global Research forecasts gold prices to average $5,055 per ounce by the fourth quarter of 2026 and potentially reach $5,400 per ounce by the end of 2027. Silver is also expected to extend its gains, with some ambitious projections seeing it potentially peaking between $135 and $309 per ounce, driven by deepening supply deficits and accelerating industrial demand. The overall sentiment remains positive, positioning gold and silver as key portfolio anchors in the current global economic and geopolitical landscape.