Overview
- Spot gold set fresh intraday highs near $4,888 an ounce, with U.S. futures touching roughly $4,881, while silver hovered around $94–$96 after notching a record $95.9.
- Indian prices surged beyond global gains as the rupee weakened and supply stayed tight, lifting MCX gold to a record ₹1.58 lakh per 10g and pushing Delhi spot near ₹1.60 lakh; silver climbed to about ₹3.34–₹3.35 lakh per kg.
- The immediate catalyst was escalating U.S.–Europe tensions over Greenland and renewed tariff threats, compounded by the U.S. Supreme Court’s deferment on rulings tied to Trump-era levies.
- Analysts highlighted structural support from ETF inflows and a shift toward private and institutional buying, with Goldman Sachs targeting $4,900 by year-end and LBMA survey forecasts topping $5,000.
- Market spillovers included equity selloffs, a softer dollar that bolstered bullion, widening domestic premiums, and warnings that stretched positioning could produce sharp corrections despite the bullish trend.