National News
Gold, silver surges to unprecedented highs on global hues
Gold and silver prices are rising in Indian markets. They are close to record highs due to global uncertainty. Gold futures reached Rs 1,05,300 per 10 grams.
Silver also increased to Rs 1,25,249 per kg. Experts suggest buying gold and silver on dips. They expect gold to reach Rs 1,07,000 and silver Rs 1,27,000 soon. Market trends are volatile.
On the Multi Commodity Exchange (MCX), October gold futures climbed 2.03% to Rs. 1,05,937 per 10 grams, while December contracts touched Rs. 1,06,539. Silver December futures spiked 2.5% to Rs. 1,24,990 per kilogram
A confluence of factors has triggered a fresh up-move in gold prices. The biggest one is the hopes of a rate cut by the US Federal Reserve in September. After US Fed Chair Jerome Powell signalled a rate cut in his Jackson Hole speech, a few other Fed officials have indicated in the last few days that the Fed is ready to cut rates this month.
Last Thursday Fed Governor Christopher Waller said he would support an interest-rate cut in September and further reductions over the next three to six months.
Reuters reported that in a Friday social media post, San Francisco Fed Bank President Mary Daly reiterated her support for an interest rate cut, given the risks to the labour market.
Gold climbed from $3,375 to $3,450 over the past week, driven by dovish economic data and expectations of a Federal Reserve rate cut. A neutral reading in Friday’s PCE Index kept the rate-cut narrative intact, while Thursday’s stronger-than-expected 3.3% QoQ GDP revision added momentum to gold buying. With prices now at fresh highs, market attention is turning to next week’s US Jobs Report, which could serve as the next major catalyst—or a potential headwind—for the metal.
The session saw a power packed panel of experts that comprisedSurendra Mehta, National Secretary- IBJA,Ranjith Singh,Head of Business Development, IIBX, Shweta Dhanak, Director – Vijay Exports,S Thirupathi Rajan, MD Goldsmith Academy, Shivanshu Mehta, SVP & Head Bullion-MCX.The session was moderated by Chirag Seth, Principal Consultant, Metals Focus.
Some salient points made by the panelists:
- Gold prices are not linked to consumer demand. They are linked to central bank buying and ETFs
- Till the banking system doesn’t collapse, gold price will continue to rise
- Jewellers were advised to use a mix of futures and options for risk mitigation
- Given the current situation manufacturers selling on credit or unfavorable deals could be fatal flaw for business.
- Precious metals forecast: Surendra Mehta said he sees gold in 2026 in $4900-5100 range and silver in $90-105.Looking further he said by 2030-2035 gold could touch $18000- 20000 and silver could reach $500. Chirag Seth predicted silver touching $105 this year and gold moving in the $ 5200- $ 5500.
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