Overview

• Gold hit unprecedented highs on April 22, surpassing $3,500/oz globally and Rs 1 lakh per 10 grams in India, driven by safe-haven demand amid economic uncertainty.
• Prices corrected on April 23 after signs of easing US-China trade tensions and optimistic statements from President Trump reduced safe-haven appeal.
• JP Morgan projects gold prices to average $3,675/oz by Q4 2025 and potentially exceed $4,000/oz by mid-2026, supported by robust central bank and investor buying.
• Retail gold demand shows signs of moderation due to high prices, though seasonal factors like Akshaya Tritiya and the wedding season are expected to sustain positive sentiment.
• The gold-silver ratio remains elevated above 100, highlighting potential upside for silver as an alternative investment opportunity.