Overview

• Spot gold set a new record on Tuesday after touching roughly $4,179 in early trade, while silver climbed to as high as $53.60 and remains above $52.
• Renewed trade strains between the U.S. and China, including threatened 100% tariffs and expanded rare‑earth controls, reinforced safe‑haven flows as markets price Federal Reserve rate cuts in October and December.
• Physical tightness in London pushed one‑month silver lease rates above 30% last week and kept local prices at a rare premium to New York, prompting costly trans‑Atlantic shipments of bars.
• Indian benchmarks notched fresh peaks, with Delhi gold at ₹1,27,950 per 10g and spot silver at ₹1,79,000 per kg, as festive‑season buying adds to global support.
• Institutional demand remains strong, with SPDR Gold Trust holdings edging higher and major banks lifting outlooks, including Bank of America and Societe Generale projecting $5,000 gold by 2026 and Standard Chartered guiding to a $4,488 average.