• Spot gold has reached its historic level of $4000 (~Rs 122,000), glittering more than 55% year-to-date, and setting a new milestone, amid global economic uncertainty and expectation of US interest rate cuts, investors are moving towards safety.
  • Key economic data have been delayed by the US government shutdown, which is currently in its second week, making evaluations of the state of the US economy more difficult.
  • Further layers of uncertainty for international markets are being added by the ongoing political unrest in France and the recent change of leadership in Japan.
  • According to World Gold Council data, net inflows into Indian gold ETFs totalled $902 million in September 2025, a 285 per cent increase from $232 million in August. This was the fourth consecutive month of inflows, and all months of 2025 saw positive traction except for March and May.

Technical Triggers

  • As bull run continues, Gold rally which is reached $4050(~Rs 122,500), can show more upward spikes towards $4150(~Rs 125,000), but one needs to be very cautious at this level. On the other hand, if Gold falls below $3950 (~Rs 120,000), we can say, top has been made, and a correction will follow.
  • Silver is on the way to touch $50(~Rs 150,000), as the bull run continues. $47(~Rs 145,000) is very strong support. If prices sustain below this level, we could see more correction or profit booking.

Dr.Renisha Chainani, Head- Research, Augmont