Gold, silver and copper are now moving in different directions as global factors shape their paths. Gold and silver are reacting mainly to United States Federal Reserve rate hikes, while copper is rising steadily due to structural supply shortages.
Gold has remained flat in 2026 so far, though it gained 13% in the past twelve months. In the last month it slipped 7%. Silver has fallen 15% this year but surged 38% over the past year. Its swings are sharper because of industrial demand and its smaller market size. Copper has climbed 18% this year, 22% in six months and 45% in twelve months. The rise is driven by shrinking mine output and strong demand from electric vehicles, power grids and artificial intelligence data centres.
The recent 25 basis point hike by the Federal Reserve increased the opportunity cost of holding gold and silver, pushing both down by nearly 8% in one month. Silver remains more volatile due to its industrial use in solar panels and electronics and an ongoing supply deficit. Copper prices are unaffected by Fed policy and continue to rise as production in Chile, Indonesia and Congo faces disruptions.
On Indian MCX, gold trades near ₹1,50,584 per ten grams and silver around ₹2,29,054 per kilogram. Copper hovers near 13,000 dollars per tonne globally.
