Overview

• Domestic prices touched about Rs 1,28,400 per 10 grams on Thursday, leaving gold up roughly 65–67% for 2025 heading into the festive buying window.
• Dealers recently quoted parallel‑market premiums as high as $25 per ounce over official rates, reflecting supply strain and brisk festive liquidation through unofficial channels.
• Customs and DRI flagged a spike in airport interceptions across southern and western India, with 3,005 smuggling cases and 2.6 tonnes seized in FY 2024–25.
• Jewellers report softer demand for heavy jewellery but strong buying of bars, coins and digital gold, with many customers locking prices via advance bookings.
• Analysts cite central‑bank purchases, ETF inflows and US rate‑cut expectations as key supports; Religare advises staggered buying with risk controls, and Axis Direct recommends accumulating on dips within defined rupee bands.