Overview

• Spot gold touched a record $4,059/oz this week before settling near $4,018, with December Comex futures closing around $4,000.4 for an eighth straight weekly advance.
• Indian benchmark data showed silver at an all-time ₹1.64 lakh/kg, while global spot prices briefly exceeded $51/oz as MCX contracts also posted weekly gains.
• Analysts linked gains to US fiscal concerns and policy uncertainty after September FOMC minutes, with profit-taking midweek underscoring heightened volatility.
• Physical tightness intensified in London, where the implied one‑month silver lease rate rose to about 11% and exports to the US drained inventories, flipping premiums up to $2.50/oz over Comex.
• Investment flows stayed robust, with an Axis report citing 95 million ounces of silver ETF inflows in H1 2025 and total holdings near 1.13 billion ounces, while India’s festive season demand and a tilt toward digital gold and ETFs shaped retail behavior.