Overview

• Spot gold notched new intraday highs near $4,080–$4,100, extending one of the fastest rallies on record with year‑to‑date gains around 50%–55%.
• Silver outpaced gold with a fresh record above $51 per ounce and intraday prints over $52, leaving the metal up roughly 70%–78% this year.
• Tensions deepened after President Donald Trump threatened 100% tariffs on Chinese goods and announced new export controls, while China moved to curb rare‑earth shipments, reinforcing safe‑haven bids.
• Expectations for Federal Reserve rate cuts and a prolonged U.S. government shutdown that is delaying key data releases added to risk hedging and dollar volatility.
• India’s benchmarks jumped to fresh peaks, with Delhi spot quotes near ₹1.28 lakh per 10 grams and MCX futures around ₹1.23 lakh, as central‑bank buying, strong ETF inflows and tight bullion markets—especially silver in London—stoked momentum alongside higher volatility and upgraded bank forecasts.