Overview

• Spot bullion hit another all‑time high above $4,250 an ounce, with MCX quotes around Rs 1,28,400–1,28,500 per 10 grams and Delhi spot easing slightly to roughly Rs 1.31 lakh on softer premiums and a firmer rupee.
• Indian authorities reported 3,005 gold smuggling cases and 2.6 tonnes seized in FY2024–25, with dealers citing premiums up to $25 per ounce and profits exceeding Rs 11.5 lakh per kilogram for illicit inflows.
• Retail demand has shifted toward coins and bars with advance bookings, while jewellery purchases are pared back and investors weigh regulated gold ETFs against unregulated digital gold options.
• HSBC lifted its average price forecasts to $3,355 for 2025 and $3,950 for 2026, as brokerages advise staggered buying and risk management given potential shifts in rates, currency and physical premiums.
• Silver has outpaced gold with record highs above $53–$54 an ounce, tight London supplies and strong ETF inflows prompting temporary purchase limits and reported pauses in some physical orders.