Highlights of the Economic Survey 2025-26
Silver prices are up 59.3 per cent in 2025, hitting nearly $44.55 an ounce (oz) in international markets and Rs 137,040 per kilogram (kg) in India on Thursday. It's the best return the metal has given since 2016.
After two years of strong gains, smallcap stocks fell sharply in 2025, but the correction may be setting up opportunities for long-term investors.
Rising for the sixth consecutive session, gold prices rallied Rs 1,000 to hit yet another record high of Rs 105,670 per 10 grams in the national capital on Monday, lifted by expectations of a rate cut by the US Federal Reserve this month and robust demand in overseas markets.
The metal might see-saw between $1,200 and $1,400. A breakout beyond either of these limits could result in a decisive trend.
'The world is heading into a period of serious problems, and gold and silver are among the few ways to protect oneself.'
Silver prices extended their record-breaking rally for a sixth straight session on Monday, surging 6 per cent to touch a lifetime high of Rs 2,54,174 per kilogram in futures trade amid strong investor demand and bullish global trends. On the Multi Commodity Exchange (MCX), silver futures for March delivery surged Rs 14,387, or 6 per cent, to hit a new record of Rs 2,54,174 per kilogram.
The gold and silver holdings of domestic mutual funds (MFs) crossed the Rs 1 trillion mark for the first time in September, powered by a blistering commodity rally that lifted precious metal prices and drew fresh inflows into dedicated MF schemes.
Super Kishan, Bumrah-led bowlers give India thumping 61-run win over Pakistan
Non-banking financial companies (NBFCs) such as Bajaj Finance, Shriram Finance, Muthoot Finance, and IIFL Finance have regained their growth momentum after losing market share to banks in the post-Covid period. The growth surge is being led by diversified lenders and gold-loan companies while development-finance institutions such as Power Finance Corporation (PFC), REC, and Housing & Urban Development Corporation (Hudco) continue to grow at a slower pace.
Rediff explains why the system, not the Budget, is the problem.
While gold continues to provide safety after its strong 2025 rally, well-chosen real estate investments held with a long-term view remain attractive.
Market sentiment is likely to remain cautious as investors position themselves for the upcoming Union Budget and the US Fed's interest rate decision, where expectations are muted.
For both polishing unit operators and diamond merchants, the US is still the biggest export destination: Three in every 10 diamonds polished in India end up in American stores.
From the 30-Sensex firms, Eternal declined by 4.02 per cent, followed by Bajaj Finance (3.88 per cent), Sun Pharma, InterGlobe Aviation, Trent, Asian Paints, Mahindra & Mahindra and Bajaj Finserv. HDFC Bank emerged as the only gainer from the pack.
Gold prices inched closer to the psychological mark of Rs 1 lakh per 10 grams as the bullion rates surged Rs 1,650 in the national capital on Monday on weak dollar and uncertainties over US-China trade war driving demand. According to the All India Sarafa Association, the yellow metal of 99.9 per cent purity reached Rs 99,800 per 10 grams on Monday. Its value had declined Rs 20 to close at Rs 98,150 on Friday.
The price of 10 gm of 24 carat gold on April 22, 2025 hit Rs 1,00,000! On March 17 this year it was Rs 89,830, and in a little over a month it jumped Rs 10,170. Investors and speculators are wondering at what price will it stabilise and thereafter show only incremental growth. Let's look back at the upward journey gold prices have made over 10 years.
Gold prices advanced Rs 700 to reach a new lifetime high of Rs 91,950 per 10 grams in the national capital on Wednesday on the back of continued buying by jewellers ahead of wedding season, according to the All India Sarafa Association. Besides, increased tensions in the Middle East and concerns about the US economic slowdown have kept the demand for safe-haven assets intact.
'Retail portfolios were going nowhere even as headline indices moved higher, prompting investors to sell holdings and shift money to IPOs, attracted by listing-day gains.'
'An asset must generate income. Equities yield dividends, bonds pay coupons, deposits give interest, and real estate earns rent.' 'Gold, silver, and even Bitcoin produce no income, they merely store value. So, they should not be compared to productive assets.'
Gold prices are likely to remain under pressure in the coming week as investors await key US macroeconomic data for cues on the Federal Reserve's potential direction on interest rates, which in turn will influence the trajectory for the precious metal, according to analysts. Market sentiment has tilted away from safe-haven assets like gold amid fading geopolitical tensions and improving risk appetite towards riskier assets such as equities, they said.
Sometimes, the most powerful Budgets whisper and the wisest investors listen, notes Ramalingam Kalirajan.
The BSE Sensex has been one of the top-performing areas of investment in the past 40 years, consistently delivering double-digit returns in rupee terms, beating assets such as global equities, precious metals, and fixed income.
In the current scenario, it's hard to construct a comprehensive argument that gold prices should rally, or one that they should decline - the range-trading of recent months may continue.
Retail inflation rose to a three-month high of 1.33 per cent in December 2025 mainly due to higher prices of kitchen essentials, including vegetables and protein-rich items.
'The frenzy for gold is primarily due to the uncertainty surrounding the tariff war.'
With the price of gold entering a strong bull run, gold-loan non-banking financial companies (NBFCs) are under the spotlight, even though their performance is not directly linked to gold price. Muthoot Finance outperformed in the April-June quarter (Q1) of 2025-26 (FY26), with its assets under management (AUM) growing 10 per cent quarter-on-quarter (Q-o-Q) and 42 per cent year-on-year (Y-o-Y), an improvement of 88 basis points (bps) Q-o-Q in net interest margin (NIM), and a fall in credit cost. Gold AUM rose 40 per cent Y-o-Y and 10 per cent Q-o-Q. The company recorded recoveries of 350 crore, including 100 crore from an asset reconstruction company (ARC), resulting in a 100-bp Q-o-Q yield increase.
Experts recommend buying gold as the fundamentals supporting a rally have not changed.
Realme has rolled out its latest premium offerings in the Indian market with the debut of the Realme 16 Pro and Realme 16 Pro+.
Gold is currently trading at Rs 25,200 for 10 grams.
'Investors' decisions should reflect their financial goals, risk tolerance, and the amount of gold already present in their portfolio.'
Finance Minister Pranab Mukherjee on Monday broke hearts of fairer sex by increasing import duty on gold bars, but tried to be even handed by raising income exemption limit for women by Rs 10,000 and by exempting excise on branded jewellery.
However, in 2020, gold demand in India -- the world's second biggest consumer after China -- could increase to 700-800 tonnes on hopes of increased acceptance of high price level and likely economic reforms boosting consumer confidence, World Gold Council said.
The trigger for international gold prices rising to $3,000 per ounce was Germany's upcoming heavy government borrowing.
Extending its gains for the second straight day, gold prices rose by another Rs 100 to Rs 28,450 per ten gram in New Delhi on Monday on pick up in demand from jewellers even as the metal weakened overseas.
Sunil Kashyap, MD, Scotia Mocatta, believes that the downside in gold prices is seen limited to $550 levels.
The relation between a regulator and its regulated entities is collaborative and not adversarial with the common objective of maintaining the stability and credibility of the financial system. However, the action on regulated entities like penalties and business restrictions are the last resort, Reserve Bank of India (RBI)'s governor Sanjay Malhotra said on Friday.
Gold prices tumbled by Rs 1,550 to Rs 91,450 per 10 grams in the national capital on Monday amid heavy selling by jewellers and stockists as well as weak global trend, according to the All India Sarafa Association. On Friday, the precious metal of 99.9 per cent purity had finished at Rs 93,000 per 10 grams.
Net inflows into equity mutual funds (MFs) moderated for the second straight month in September, declining 9 per cent during the month to Rs 30,422 crore. The slowdown came as redemptions from active equity schemes rose 30 per cent month-on-month (M-o-M) to a one-year high of around Rs 36,000 crore.
Gold prices are set to drop further in the domestic market, owing to the rupee's appreciation.
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