In the international markets, spot gold rose marginally to $4,708.17 per ounce, while silver gained nearly 1% to $75.96 per ounce.
| Photo Credit: Reuters

Finance Minister Nirmala Sitharaman has said that the volatility in gold prices is arising due to the global uncertainty, according to news agency PTI on Monday, Feb. 2. The yellow metal’s swing in prices has spooked commodity market investors. FM Sitharaman also added that the reason why investors do not have confidence in any particular currency is due to the uncertainty in the markets.

She added that due to these global uncertainties, central banks too have been investing in gold. “It also shows that investors do not have confidence in any one particular currency, and hence the rush to buy gold,” FM Sitharaman said, according to PTI. 

Gold and silver prices crashed in the previous session after increased CME margin requirements added to the selling pressure following last week’s selloff among the precious metals. Bullion shed more than 9.8% on Jan. 30, in its sharpest one-day drop since 1983. Gold has lost about $900 since hitting an all-time-high of $5,594.82 on Jan. 29, erasing most of this year’s gains. Spot silver has shed about 33% since notching up an all-time-peak of $121.64 last week. The CME announced hikes in margins on its precious metal futures on Jan. 30 and said the changes were set to take effect after market close on Monday.

International silver prices hit the $100 an ounce mark for the first time ever on Friday, extending a solid rally. Spot prices for the white metal soared 4.2% to as much as $100.29 during New York trading hours.

The price more than doubled in 2025 and has already surged 40% in the new year. Notably, silver has gained 225% since US President Donald Trump’s return to the White House in January last year.

Geopolitical tensions have driven investors to the safe haven allure of precious metals like gold and silver. The bullion has risen 15% so far in 2026. The yellow metal also hit a fresh high of $4,967 an ounce on Friday, inching steadily towards the $5,000-mark.

A de-escalation of tensions between Europe and the US after Trump’s reversal of his stance on occupying Greenland had pulled back prices of silver earlier this week. However, the metal has found support from the dollar’s poorest weekly performance in seven months, which improved affordability for global buyers.

Investor demand has been amplified by Trump’s renewed criticism of the Federal Reserve, alongside developments involving Venezuela, Iran and Greenland, reinforcing the appeal of hard assets as alternatives to fiat currencies and sovereign bonds.

Moreover, silver, long viewed through the narrow lens of a precious metal, is now at the centre of a powerful transition. With rising relevance across clean energy, electronics, electric vehicles, and national security applications, the metal is entering a phase marked by persistent supply deficits, strategic accumulation, and heightened financial interest. 

The global silver market has been in a deficit for five years running. Demand has exceeded mine supply, forcing drawdown of above-ground inventories. 

ALSO READ: Gold Rises Toward $5,000 As Weaker Dollar Adds Impetus To Rally

Image used for representational purpose only. File
| Photo Credit: Reuters

In 2025, gold has soared by 70%, putting it on course for its strongest annual gain since 1979. File
| Photo Credit: Reuters

Gold and silver prices regained their shine on Monday (October 20, 2025), rising in the domestic futures market as investors turned to value buying after a brief pullback from record highs and renewed appetite for safe haven assets amid global uncertainties.

On the Multi Commodity Exchange (MCX), gold futures for December delivery climbed ₹982, or 0.77%, to ₹1,27,990 per 10 grams in a business turnover of 14,913 lots.

The yellow metal had surged to an all-time high of ₹1,32,294 per 10 grams on Friday (October 17, 2025) before settling at ₹1,27,008 per 10 grams, snapping a five-day rally.

The February 2026 contract for gold also advanced ₹1,680 or 1.31%, to ₹1,29,743 per 10 grams in 1,862 lots. It had touched a fresh peak of ₹1,34,024 per 10 grams in the previous market trade.

Last week, gold futures rose by ₹5,644, or 4.65%, reflecting strong investor sentiment.

Silver futures, too, joined the recovery. The white metal for December delivery rallied by ₹1,522 or 0.97% to ₹1,58,126 per kilogram in a business turnover of 23,985 lots. It had touched an all-time high of ₹1,70,415 per kg on the MCX.

The March 2026 contract increased by ₹1,292 or 0.82% to ₹1,59,361 per kg in 5,787 lots. It had scaled a lifetime high of ₹1,72,350 per kilogram in the previous trade.

Over the past week, silver prices have risen ₹10,138, or 6.92%, supported by industrial demand and persistent supply constraints.

Analysts said safe-haven demand remains resilient amid heightened geopolitical tensions, global trade-related uncertainties, and concerns over a prolonged US government shutdown.

In the global markets, both gold and silver witnessed renewed buying after a brief correction. On the Comex, gold futures for December delivery advanced by $62.46, or 1.48%, to $4,275.76 per ounce after touching an all-time high of $4,392 per ounce on Friday (October 17, 2025).

“Gold has surged more than 65% so far this year, buoyed by a potent mix of central-bank buying, robust ETF inflows, and aggressive positioning on expectations of US monetary easing,” Riya Singh, Research Analyst, Commodities and Currency, Emkay Global Financial Services, said.

She added that the weakening dollar and speculation that the US Federal Reserve could announce an outsized rate cut before year-end have strengthened the outlook for bullion.

“Silver has also gained substantially, though ETF inflows into the white metal have started to plateau, suggesting some fatigue in that segment,” Mr. Singh said.

Silver futures on Comex rose 1.50% to $50.85 per ounce after a volatile week in which the metal had hit a record of $53.76 per ounce before sliding 6% in its sharpest fall in six months.

According to commodities market experts, last week’s correction was triggered by easing fears over U.S. credit conditions and signs of improvement in trade relations between Washington and Beijing, which reduced immediate safe-haven demand.

Investment sentiment also improved after U.S. President Donald Trump’s remarks helped ease trade tensions, while upbeat earnings from regional banks lifted equities and Treasury yields, weighing on gold’s safe-haven appeal.

Despite corrections, an expert said, “The broader outlook for bullion remains positive. They expect gold and silver to stay supported in the coming weeks on continued geopolitical uncertainty, central bank buying, and expectations of further monetary easing by the US Federal Reserve.”

Published – October 20, 2025 02:21 pm IST

Image used for representational purposes. File
| Photo Credit: Reuters

Gold prices fell ₹643 to ₹1,16,945 per 10 grams in futures trade on Friday (October 3, 2025), retreating from record high as investors booked profits amid caution over the US government shutdown and Fed policy outlook.

On the MCX, gold futures for December delivery declined ₹643 or 0.55% to ₹1,16,945 per 10 grams in a turnover of 15,733 lots, snapping a five-day winning streak.

On Wednesday, the contract had scaled a lifetime high of ₹1,18,444 per 10 grams.

Similarly, the February 2026 contract for the yellow metal futures depreciated by ₹646 or 0.54% to ₹1,18,213 per 10 grams. In the previous session, the precious metal had touched an all-time high of ₹1,19,674 per 10 grams.

“Gold prices saw mild profit-taking on Friday, following a sharp rally of nearly 50% so far this year. Despite the pause, the yellow metal remains on track for its seventh consecutive weekly gain,” Darshan Desai, Chief Executive Officer at Aspect Bullion & Refinery, said.

While technical indicators suggested that gold prices are in “overbought” territory and vulnerable to short-term correction, ongoing uncertainty around the U.S. government shutdown and its impact on Federal Reserve policy could limit downside pressure from a stronger U.S. dollar, Mr. Desai added.

“At these elevated levels, investors booked partial profits, with an eye on re-entering during price correction. Lower levels are likely to attract renewed buying interest, particularly from Exchange Traded Fund investors and central banks, he noted.

Commodity markets were closed on Thursday on account of Gandhi Jayanti and Dussehra.

Silver too witnessed a pullback after scaling a fresh peak on Wednesday.

The white metal futures for December delivery slumped by ₹2,170 or 1.55 to ₹1,42,550 per kilogram in 19,818 lots. The contract had hit a record ₹1,45,715 per kilogram on Wednesday.

The March 2026 silver contract tumbled by ₹1,996 or 1.36% to ₹1,44,266 per kilogram in 2,400 lots, after touching a high of ₹1,47,784 per kilogram in the previous trade.

“Silver prices witnessed profit booking after hitting all-time highs in the domestic markets. The U.S. government’s ongoing shutdown extended into a second day on Thursday, potentially delaying key economic data such as the non-farm payrolls report,” Manav Modi, Analyst – Precious Metal Research at Motilal Oswal Financial Services, said.

Globally, gold futures were trading lower at $3,867.15 per ounce on Friday after touching a record of $3,923.30 per ounce in the previous trade. Silver futures for December delivery, however, rose nearly 1% to $46.79 per ounce, recovering from a recent high of $48.01 per ounce.

“Silver is trading near $47 an ounce but remains on track for a seventh consecutive weekly gain, supported by expectations of further U.S. rate cuts and uncertainty from the government shutdown,” Jigar Trivedi, Senior Research Analyst at Reliance Securities, said.

Mr. Trivedi added that recent U.S. macroeconomic data reinforced market participants’ bets on additional monetary easing, with traders fully pricing in a 25 basis point cut this month and another by December.

Published – October 03, 2025 12:01 pm IST

New Delhi:

Gold prices tumbled Rs 1,000 to slip below the Rs 80,000 level in the national capital on Monday amid weak global trends, according to local marketmen.

The precious metal of 99.9 per cent purity tanked Rs 1,000 to Rs 79,400 per 10 grams against the previous close of Rs 80,400 on Friday.

Silver declined Rs 1,600 to Rs 91,700 per kg. The metal finished at Rs 93,300 per kg on Friday.

The price of gold with 99.5 per cent purity plunged Rs 1,000 to Rs 79,000 per 10 grams. The yellow metal had settled at Rs 80,000 per 10 grams in the previous session on Friday.

“Gold witnessed a sharp decline of more than Rs 1,000 below Rs 76,500, as the war premium faded, with no fresh geopolitical escalations over the weekend to sustain the rally,” Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.

Last week’s strong surge in MCX and Comex prices prompted profit booking, leading to the unwinding of long positions. This week, traders will await weekly jobless claims and the Fed’s Federal Open Market Committee (FOMC) meeting minutes, which will more direction for the yellow metal, Trivedi added.

Meanwhile, in futures trade on the MCX, gold contracts for December delivery plunged Rs 1,071 or 1.38 per cent to trade at Rs 76,545 per 10 grams. It closed at Rs 77,616 per 10 grams in the previous trading session.

Silver contracts for December delivery declined Rs 1,468 or 1.62 per cent to Rs 89,300 per kg against the previous close of Rs 90,768 per kg on Friday.

Last week, the yellow metal went beyond the USD 2,700 mark due to the worsening conflict between Russia and Ukraine.

On Monday, Comex gold futures fell USD 40.80 per ounce or 1.49 per cent to USD 2,696.40 per ounce in the global markets.

“Gold resumed trading on a weaker note and fell below USD 2,700 per ounce on Monday, as traders took profit following nearly a 6 per cent rally last week, fuelled by safe-haven demand amid rising tensions in the Russia-Ukraine crisis,” Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.

In the Asian market hours, silver also quoted 1.7 per cent lower at USD 31.24 per ounce.

According to Maneesh Sharma, AVP – Commodities & Currencies, Anand Rathi Shares and Stock Brokers, gold fell over one per cent on Monday amid reports that Israel was close to reaching a ceasefire with Lebanon’s Hezbollah.

However, much of the renewed upside this week depends on the developments in the Russia-Ukraine, where investors are advised to remain vigilant amid any escalation could lead to renewed short-covering moves in gold.

Focus to remain on dollar strength amid macroeconomic data, including the US Personal Consumption Expenditures (PCE) price index would be crucial on cues for inflation in the near term, which could cap a sharp upside in the near term, Sharma said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

The story so far: Mired amidst geopolitical tensions and economic uncertainty, spot price of gold scaled a record high of $2,758.37 for an ounce on October 23. At the time of writing, the yellow metal was priced at $2,731.45/ounce having marginally corrected course from the record high. In India, gold was mirroring the upward trajectory at ₹7,513.37/gram, 40% higher than ₹5,354.20/gram a year ago. Imperative to note, the demand for the yellow metal has historically been observed to peak in lieu of the festive season, thus, potentially translating to a positive effect on its prices.

What determines the price of gold?

Central to the assessment are two currents: prevailing investor appetite (compared to other assets such as bonds) but more importantly, the yellow metal’s safe haven characteristic. Gold has lower co-relation with other asset classes and, therefore, provides a safety cushion during periods of geopolitical stress and prevailing economic uncertainty and/or downturn in markets.

Further, prices of gold are suggested to hold an inverse relationship with interest rates. That is, when interest rates are tightened gold becomes less attractive to investors as they do not offer any yield — even in tightened conditions. Conversely, lower interest rates coupled by a weaker dollar can prompt investors to also opt for the safety bullion cushion. However, the relationship is not airtight and has been observed to prompt exceptions owing to inflationary conditions and/or geopolitical tensions, among other factors.

The notion about gold being a safety cushion is best reflected in the purchase of the yellow metal by central banks to hedge against global uncertainties, other than diversifying their forex reserves. For perspective, as per the World Gold Council (WGC), central banks made net purchases of 8 tonnes in August. Leading buyers were the National Bank of Poland, Central Bank of the Republic of Turkey followed by the RBI.

Broadly, gold prices are determined by forces of supply and demand. Imperative to note here, that gold is finite. The gestation period from mining to production cannot effectively respond to market dynamics. According to WGC, it often takes decades to move from discovery of a mine to production.

What have we observed about demand dynamics in India?

Demand for the yellow metal traditionally peaks in the second half of the year with the arrival of the festive season and the onset of the wedding season. The buffer period in between (generally, mid-September to the onset of October) is considered inauspicious for such purchases as per the Hindu calendar. According to the WGC’s October update, the above stipulated buffer period further marred by high prices have kept consumers away from buying the precious metal. However, it observed from market reports, about a resurgence in gold buying with the festive season and a demand largely driven by wedding purchases. With respect to prices, the monthly report held that the price increased in September primarily because of a decline in the U.S. dollar with the Fed’s rate cut. This coupled with geopolitical tensions helped the rally. Imperative to note that globally the prices of gold are referenced in U.S. dollars. Thus, the decline in dollar spurs demand for the yellow metal seeking safe haven and hedging.

What happens from here?

Saiyam Mehra, Chairman at the All-India Gems and Jewellery Domestic Council told The Hindu that prices of the yellow metal may further continue their upward trajectory. According to Mr Mehra, the international market rates may come down between early to mid-November by about $50 to approximately $2,650/ounce. However, he observes that the rates could again go up between $2,800 and $3,000 in the next year — about ₹92,000 to ₹96,000. The latter being 20% higher compared to the present prices. “(At present) Even after the rates have increased, there is a good footfall in the market but not what we saw last year. The volume has decreased 10% but the value has increased about 15%,” Mr. Mehra informed. Separately, he further anticipated 20% sales of bullion and 80% of jewellery during the important Dhanteras season.

Kavita Chacko, Research Head (India) at the WGC further observed that investment demand has been rather strong. The investment interest is being supported by strong price performance of the yellow metal. Furthermore, WGC also expects an increased demand for the yellow metal from rural areas emanating from “improvements in overall consumption”. It observes, “Favourable monsoons and higher crop sowing this year are anticipated to boost rural incomes, potentially leading to higher gold purchases.”

Reflecting on the domestic economic currents and their impact on prices, Ms. Chacko observed that the reduction in gold import duties in July has “significantly boosted demand”. Further, she told The Hindu, “Strong monsoons have raised rural consumers’ spending power, which has raised demand in both rural and tier II and III cities. Gold demand is typically high throughout the festive and wedding seasons, which we are currently in.”