Overview
- Gold rose roughly 60–64% and silver climbed about 68–85% since last Diwali, versus gains of 6.3% for the Nifty and 5.8% for the Sensex.
- Domestic prices hovered near records, with gold around Rs 1.27–1.30 lakh per 10g and silver peaking near Rs 1.9 lakh/kg before easing to roughly Rs 1.6–1.63 lakh.
- Analysts attribute the surge to risk-off demand linked to geopolitical tensions, sticky US inflation, global rate cuts, strong central-bank purchases, and a weaker rupee.
- Foreign investors offloaded about Rs 1.5 lakh crore of equities as mutual funds absorbed supply with roughly Rs 4.7 lakh crore of net buying through Oct 17, while the RBI cut rates under a new governor.
- Outlooks diverge for the coming year, with some expecting further metal gains and others eyeing an earnings-led equity rebound, prompting calls for diversified portfolios rather than all-in bets.