• Gold and silver have delivered exceptional performance this year, rising 18% and 50% YTD, respectively. Both metals surged to fresh all-time highs, with gold nearing $5,100 (~ ₹1,59,900) and silver touching $117 (~ ₹3,59,800), marking their strongest yearly gains in decades.
  • Renewed geopolitical tensions have been a key trigger. U.S. President Donald Trump announced a 100% tariff threat on Canada over a potential trade deal with China and raised tariffs on South Korean autos, pharmaceuticals, and lumber to 25%. These developments have reinforced safe-haven demand.
  • For precious metals this year, the dominant driver has been policy uncertainty under Trump. A fresh wave of first-time investors—especially across Asia and Europe—is aggressively building personal holdings of gold and silver, adding structural support to prices.

Technical Triggers   

  • Gold has met its targets of $5,000–5,100 and may consolidate before moving towards $5,200 (~ ₹1,63,000). Strong support lies at $4,980–5,000, below which profit-booking could extend to $4,900 and $4,750.
  • Silver has achieved $100 and $107 targets and may consolidate before resuming higher towards $120 (~ Rs 390,000). Key support is seen at $103 (~ ₹3,40,000); a break could lead to retracement towards $100 and $97.

Dr.Renisha Chainani, Head- Research, Augmont