Overview

• Indian benchmarks set new highs, with Delhi quotes reaching about Rs 1,07,070 per 10 grams and IBJA rates near Rs 1,06,200, while major cities posted 24‑carat prices around Rs 1,06,000.
• International spot bullion climbed to roughly $3,547 per ounce and futures pushed past $3,620, while silver jumped to a 14‑year high above $41 per ounce even as local silver moves were mixed.
• MCX gold futures hit successive peaks, with the most‑traded October contract topping Rs 1,06,940 and an intraday print near Rs 1,07,920, reflecting strong safe‑haven flows and a weaker rupee.
• Analysts cite prospects for Federal Reserve easing, tariff and trade uncertainty, geopolitical risks, and questions around Fed independence as key supports for bullion.
• Forward guidance turned more bullish, with ICICI Bank projecting Rs 99,500–1,10,000 for the rest of 2025 and Rs 1,10,000–1,25,000 in early 2026, and JPMorgan outlining paths toward ~$4,000 next year and ~$4,250 by end‑2026, as markets watch ISM and US jobs data with CME odds near 90% for a September cut.