Gold-Silver Ratio Holds Near 60 as Silver's Industrial Demand Hits Record High
The gold-silver ratio has stabilized near 60 as silver's industrial demand reached a record high of 657.4 million ounces in 2025, according to the Silver Institute.
As the ratio is calculated by dividing gold's price by silver's price, a rising figure indicates gold outperforming and a falling figure signaling silver gaining strength.
The two metals share several key price drivers, including interest rate movements, inflation expectations, and dollar strength, but their demand profiles diverge sharply: gold is primarily held as an investment vehicle and central bank reserve asset, while silver finds extensive application in electronics, solar energy, and manufacturing.
CME Group notes that the ratio tends to widen when investors favor gold during periods of uncertainty and narrows when silver demand picks up.