Overview

• India Bullion Association pegged standard gold at Rs 1,07,550 per 10 g on Thursday, with MCX hitting fresh peaks including an intraday high near Rs 1,07,920 and contract highs around Rs 1,06,940 (Oct) and Rs 1,07,720 (Dec).
• International spot bullion printed a new high near $3,547 per ounce as COMEX futures pushed to about $3,630, extending this week’s breakout.
• Traders largely price a September US rate cut, with FedWatch odds near 90%, while tariff uncertainty, concerns over Fed autonomy and a weaker rupee are reinforcing safe‑haven demand.
• Silver also advanced to rare highs, quoted around Rs 1.25–1.26 lakh per kg in India and above $41 per ounce on global markets.
• ICICI sees Indian prices in Rs 99,500–1,10,000 for the rest of 2025 and Rs 1,10,000–1,25,000 in early 2026, as JPMorgan flags ~$3,675 by year‑end and a path toward $4,000 next year with a scenario up to $4,250 by end‑2026, backed by strong ETF inflows and robust imports.