Overview

• Spot gold touched an all-time high of $4,131.52 before trading near $4,125, while silver hit $52.70 and held around $52.49 in early Tuesday dealing.
• Liquidity stress in London drove a silver squeeze, with lease rates surging above 30% and premiums over New York prompting air shipments of bars to capture price gaps.
• Indian benchmarks set fresh peaks, with MCX gold futures hitting Rs 1,26,930 per 10g and silver Rs 1,62,700 per kg, and Delhi spot quotes reaching Rs 1,27,950 per 10g.
• Renewed US–China trade friction, expectations of Federal Reserve rate cuts, central-bank and ETF buying, and the US government shutdown have intensified safe-haven flows.
• Banks lifted outlooks, including Bank of America’s 2026 gold target to $5,000, while analysts cautioned that the sharp run-up and market tightness could fuel volatility.