Following the recent import duty hike, the sharp jump in domestic prices triggered investor selling and delayed fresh purchases, further weakening already soft physical demand, he added. (Representational image)
| Photo Credit: Getty Images/iStockphoto

Traders said domestic bullion prices jumped following the increase in import duties. Representational image of gold and silver bars
| Photo Credit: Reuters

The Reserve Bank of India made a fresh purchase of 300 kg of gold during the January-March quarter. Image for representation only
| Photo Credit: Reuters

Gold prices recovered to Rs 1.48 lakh per 10 grams in futures trade on Monday after an early sharp fall that triggered the lower circuit level, while silver extended losses to witness heavy selling for the third consecutive day.

On the Multi Commodity Exchange (MCX), gold futures for April delivery opened on a weak note and plunged Rs 10,688, or 7.2 per cent, to hit a low of Rs 1,37,065 per 10 grams during early trade. Later, the metal rebounded strongly, erasing all of its losses to trade higher by Rs 259, or 0.18 per cent, to Rs 1,48,012 per 10 grams in a business turnover of 8,501 lots.

In addition, silver futures remained under pressure, opening lower and declining Rs 39,847, or 15 per cent, to hit an intraday low of Rs 2,25,805 per kilogram, also its lower circuit limit on the exchange. The white metal later pared some of its losses to trade at Rs 2,50,242 per kilogram, down 5.8 per cent, or Rs 15,410, in 6,892 lots.

In the international market, Comex gold futures for April delivery went up by USD 5.21, or 0.11 per cent, to USD 4,750.31 per ounce while silver for March contract rose by USD 3.33, or 4.24 per cent, to USD 81.86 per ounce.

Gold and silver prices dazzled in the national capital on Tuesday, with both precious metals vaulting to uncharted highs, driven by strong investor demand and a global rally amid rising geopolitical and trade tensions. According to marketmen, gold of 99.9% purity increased Rs 7,300, or 4.6%, to touch an all-time high of Rs 1,66,000 per 10 grams (inclusive of all taxes). The yellow metal had closed at Rs 1,58,700 per 10 grams on Friday.

Bullion markets remained closed on Monday on account of the 77th Republic Day.

Silver prices continued its remarkable performance, outperforming gold for yet another session in the bullion markets. The white metal skyrocketed by Rs 40,500, or 12%, to hit a new peak of Rs 3,70,000 per kilogram (inclusive of all taxes).

The metal had settled at Rs 3,29,500 per kilogram in the previous market session.

“Silver in the domestic market has scaled another record high of Rs 3,70,000 per kg, supported by strong safe-haven demand amid rising trade and geopolitical tensions,” Saumil Gandhi, Senior Analyst, Commodities at HDFC Securities, said.

According to FOREX.com, silver prices extended their rally, with spot prices soaring $8.55, or 8.24%, to $112.41 per ounce in the international market.

The white metal had surged by $14.42, or 14%, to touch a new peak of $117.73 per ounce in the previous session.

“Silver is additionally benefiting from robust industrial demand alongside investment flows.

“The white metal prices in the near-term may see bouts of profit-booking and consolidation, but the broader bias remains positive as long as global risk sentiment stays fragile and the dollar remains under pressure,” Gaurav Garg, Research Analyst at Lemonn Markets Desk, said.

Silver prices crossed the crucial $100 per ounce level for the first time on Friday in the overseas market, reinforcing investor appetite for the safe-haven asset.

Gold also extended its upward momentum in the global markets, with the metal gaining for the seventh consecutive day. It appreciated by $79.13, or 1.6%, to $5,087.48 per ounce.

The yellow metal had earlier breached the psychological USD 5,000 per ounce level for the first time, rising by $121.07, or 2.43%, to hit a record of $5,110.24 per ounce on Monday.

“Spot gold was trading higher at around $5,080 per ounce in the overseas markets, driven by renewed geopolitical tensions and a weaker dollar,” Praveen Singh, Research Analyst, Mirae Asset Sharekhan, said.

He added that US President Donald Trump’s latest move to threaten Canada, with 100% tariffs, as the latter pursues a trade deal with China, has rattled markets and strengthened the demand for the bullion prices.

In the last seven trading sessions, gold prices have risen $416.59, or nearly 9%, from $4,670.89 per ounce recorded on  January 19.

Renisha Chainani, Head, Research at Augmont, said renewed geopolitical tensions have been a key trigger as the US administration has raised tariffs on South Korean automobiles, pharmaceuticals, and lumber to 25%. These developments have reinforced safe-haven demand.

“In precious metals this year, the dominant driver has been policy uncertainty under Trump. A fresh wave of first-time investors, especially across Asia and Europe, is aggressively building personal holdings of gold and silver, adding structural support to prices,” Chainani said.

Silver prices soared by ₹9,350 to hit a fresh lifetime high of ₹2,36,350 per 10 grams in the national capital on Friday (December 26, 2025), tracking strong global cues, according to the All India Sarafa Association.

The white metal had closed at Rs 2,27,000 per kilogram on Wednesday (December 24).

Over the past the four sessions, silver prices have added ₹32,250, or 15.8%, from ₹2,04,100 per kilogram since December 19.

During the calendar year, the white metal had risen ₹1,46,650, or 63.5%, from Rs 89,700 per kg recorded on December 31, 2024.

Also Read | Gold prices, silver futures extend record rally on rate-cut hopes

Meanwhile, gold prices maintained their upward momentum in the local bullion market. The precious metal of 99.9% purity jumped ₹1,500 to touch a new record of ₹1,42,300 per 10 grams (inclusive of all taxes).

It had finished at ₹1,40,800 per 10 grams in the previous market session.

So far this year, gold prices have added ₹63,350, or 80.24%, from ₹78,950 per 10 grams recorded on December 31, 2024.

“The precious metals rally continued on the last trading day of the week, with gold and silver reaching new record highs once again,” Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities, said.

In the international markets, spot gold rose $50.87, or 1.13%, to hit a new lifetime high of $4,530.42 per ounce.

“Gold continues to trade at a record high of $4,530 per ounce, buoyed by the Fed rate cut expectations and positive undertone in the commodities market. Thin trading condition due to the year-end holidays is exaggerating the moves,” Praveen Singh, Head of Commodities and Currencies, Mirae Asset ShareKhan, said.

Spot silver rose to hit $75 per ounce-mark for the first time in the overseas trade. The white metal climbed $3.72, or 5.18%, to touch a new record of $75.63 per ounce in overseas trade.

“Spot silver hit a high of $75 during the Asian trading hours on Friday (December 26, 2025). The strong bullish momentum has attracted more momentum-driven traders, who have been active in the precious metals market since early December,” Saumil Gandhi of HDFC Securities said.

This trend has been intensified by the low liquidity that is near the year-end and Christmas holiday season, he added.

Jigar Trivedi, Senior Research Analyst at Reliance Securities, said silver has been in a multi-year supply deficit, global mine output has lagged demand, and above-ground inventories are declining.

He further stated that structural tightness on the physical market could support much higher prices if deficits deepen. Silver is crucial in solar panels, EVs, 5G/AI electronics, and other clean-tech infrastructure.

As these sectors grow, industrial demand may outpace supply further, tightening markets, Trivedi, said, adding that other catalysts are weak dollar and rising safe haven demand could push silver prices to $100 per ounce in 2026.

Published – December 26, 2025 06:37 pm IST

Image for representational purposes only.
| Photo Credit: Reuters

Gold prices on Thursday (October 16, 2025) surged by ₹1,185 to scale an all-time high of ₹1,28,395 per 10 grams in the domestic futures trade, while the yellow metal crossed the $4,250 per ounce globally, driven by expectations of interest rate cuts by the U.S. Federal Reserve, and persistent geopolitical tensions.

On the Multi Commodity Exchange (MCX), gold futures for December delivery climbed by ₹1,185, or 0.93%, to reach a new peak of ₹1,28,395 per 10 grams.

Extending the gains for the fifth consecutive session, the February 2026 contract for the yellow metal futures also rose sharply by ₹977, or 0.76%, to touch an all-time high of ₹1,29,380 per 10 grams.

“Gold prices remain elevated at record levels, driven by expectations of more interest rate cuts from the U.S. Federal Reserve [Fed] and ongoing tensions between Washington and Beijing,” Darshan Desai, chief executive officer of Aspect Bullion & Refinery, said.

He added that the futures market now anticipates a larger rate cut from the Fed, possibly later this month or December, which could give gold prices another boost.

“Gold is also likely to remain a safe-haven asset, supported by concerns over rising and potentially unsustainable debt levels, a weakening U.S. dollar, and continued buying by central banks,” Mr. Desai said.

Tracking yellow metal, silver prices also surged to new peaks on the MCX. The white metal for December delivery appreciated by ₹2,454, or 1.51%, to hit a record ₹1,64,660 per kilogram.

Similarly, the March 2026 contract extended its winning streak for the fourth consecutive session by rising ₹2,699, or 1.6%, to hit a fresh peak of ₹1,64,958 per kg on the commodities bourse.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading lower by 0.17% to 98.63, further aiding the appeal for bullion prices.

In the international market, Comex gold futures continued their upward march by climbing to a record of $4,254.80 per ounce.

“Gold prices rose above $4,250 per ounce on Thursday, continuing its rally to a new record, driven by safe-haven demand and growing expectations of a dovish U.S. monetary policy,” Jigar Trivedi, senior research analyst at Reliance Securities, said.

Mr. Trivedi added that the U.S. Federal Reserve Chair Jerome Powell’s recent remarks highlighted signs of a weakening labour market, which prompted investors to nearly fully price in a 25 basis points rate cut at this month’s meeting, with another likely in December.

Silver futures also followed suit in the global markets. The metal for December delivery rose to hit a lifetime high of $52.86 per ounce.

On Wednesday, U.S. officials criticised China’s tightened restrictions on rare earth exports, warning they pose risks to global supply chains and hinting at potential countermeasures from Washington.

Meanwhile, U.S. Treasury Secretary Scott Bessent said that Washington could consider imposing export limits or tariffs on China’s imports of Russian Oil if coordinated with European partners, a move that could further strain trade relations and add to market uncertainty.

Analysts said both gold and silver have been on a record-setting spree this week, driven by robust investor inflows into precious metals. Any confirmation of a rate cut by the Fed would likely push bullion prices to fresh records in the weeks ahead.

Published – October 16, 2025 12:51 pm IST

Image for representational purposes only.
| Photo Credit: The Hindu