Mumbai
Gold and silver prices have soared to record highs, driven by rising expectations of a U.S. Federal Reserve rate cut, festive season demand, and a weakening U.S. dollar, analysts reported on Tuesday.
In India, 24-carat gold ended at ₹10,499 per gram, while silver hit ₹1.05 lakh per kilogram, according to the India Bullion and Jewellers Association. On MCX, gold reached ₹105,880 per 10 grams. Globally, spot gold neared its April record, closing at $3,493.10 per ounce, while December gold futures jumped to $3,546.10. Silver also hit $40.84 per ounce, its highest since 2011.
Gold ETFs rewarded investors handsomely. ICICI Prudential Gold ETF rose 1.77%, SBI Gold ETF 1.67%, HDFC Gold ETF 1.59%, and Nippon India Gold BeES 1.49%. Over the past year, gold ETFs have delivered returns of nearly 40%.
Silver ETFs surged too — HDFC Silver ETF rose 4.58%, while ICICI and UTI Silver ETFs gained over 3.7%. August saw a three-year high in silver ETF inflows, largely due to festive buying and industrial demand from EVs and solar sectors.
Analysts say weak U.S. payroll data, inflation concerns, and a five-year supply shortage are all pushing prices higher. Investors now await fresh U.S. employment data for further cues.
