Overview

• Indian benchmark rates remain close to peaks, with IBJA showing 24K gold at a recent record of Rs 1,22,629 per 10g and city quotes near Rs 12,426 per gram on October 11, while MCX gold futures hit fresh records this week.
• International spot gold hovered around the $4,000 mark after briefly slipping below it on Thursday and rebounding to roughly $4,016 per ounce by Saturday.
• Silver notched new domestic highs, including Rs 1,71,500 per kg in Delhi on Friday, as analysts cited backwardation, supply tightness and rising investor demand that pushed local premiums higher.
• Fund flows accelerated into bullion vehicles, with AMFI reporting a sharp September rise in gold ETF assets and reports noting strong silver ETF interest alongside persistent central‑bank buying.
• Safe‑haven demand tied to the U.S. government shutdown, a softer dollar and Fed easing expectations continues to support prices, though markets showed sharp swings such as Pakistan’s drop and quick rebound and analysts flag the risk of intermittent profit‑taking.