Over the last 12 months, the gold price in India has increased by over 76 per cent. Despite the increase, India’s love for gold shows no indication of slowing down.

Unlike a few years ago, when gold was held in physical forms such as jewellery, coins and bars, investors/purchasers are now moving to modern ways of investing/holding gold such as Sovereign Gold Bonds (SGBs), Exchange-Traded Funds (ETFs), and gold mutual funds.

capital asset

Investment in gold is considered as a capital asset. With the price of gold hitting the roof, people may be looking at selling the gold. The profits on the sale of gold, in any form, are taxable in India. The taxation of gold varies depending on the form in which it is held and period for which it is held.

• Physical Gold (Jewellery, Coins, Bars):

If sold within 24 months, these will be treated as short-term capital gains (STCG) and will be taxed at the slab rate. If these are held for more than 24 months it would be treated as Long-Term Capital Gains (LTCG) and would be taxed at 12.5% ​​without indexation benefit.

• Sovereign Gold Bonds (SGBs):

Income from SGBs are in two forms

o Interest income: SGBs earn interest at a nominal rate of 2.5%. This interest is taxable at normal slab rate.

o Capital gains on sale/transfer: If SGBs are held till maturity (8 years), then the same will be exempt from tax. In other cases, it would be akin to the sale of an unlisted mutual fund and treated as LTCG if held for more than 24 months and taxed @ 12.5% ​​and STCG otherwise and taxed at slab rates.

• Gold ETFs and Mutual Funds:

Similar to physical gold, if sold within 24 months, these will be treated as STCG and would get taxed at the slab rate. If these are held for more than 24 months it would be treated as LTCG and would be taxed T 12.5% ​​without indexation benefit.

In addition, GST at 3 per cent is applicable on investment in gold except purchase of SGBs & ETFs.

Possible changes in budget 2026

• In order to determine the taxation of profit of gold, different holding periods apply to different forms of gold. Lower holding period is required for digital form of gold to qualify as long term capital asset as compared to physical form. It will be good to bring all forms at par.

• With the soaring gold price, the industry would like a reduction in the GST rate on gold. This will help boost sales.

• Currently import duty on gold is 6 percent. There is a lot of push from the industry to reduce the duty. This will help the industry and also curb smuggling.

• Keeping in mind that yellow metal is a scarce resource, the Government should incentivise digital form of gold products like gold ETFs and sovereign gold bonds (SGBs).

Anita Basrur is Partner, Sudit K. Parekh & Co. LLP

Published on January 18, 2026

COMEX gold scaled a fresh all-time high of $5,111 per ounce on Tuesday before settling near $5,067, driven by sustained safe-haven demand and central banks purchasing. Silver jumped to $117.75, marking its own record peak, as geopolitical tensions and US-South Korea tariffs threats intensified.

On the Multi Commodity Exchange (MCX), gold rose over 1 per cent to approach ₹1.60 lakh per 10 grams, while silver surged approximately 6 per cent to trade above ₹3.5 lakh per kilogram. Both metals are trading well above their key moving averages, confirming the strength of the current bull run.

“Precious metals are firmly back in the spotlight,” said Aamir Makda, Commodity & Currency Analyst at Choice Broking. He attributed the rally to aggressive accumulation by central banks in China and Poland, along with safe-haven flows triggered by escalating US tariff threats against South Korea, which jumped from 15 per cent to 25 per cent.

ASK Private Wealth recently upgraded gold to overweight from neutral in its Quarterly Investment Policy Committee report titled “Playing with uncertainty?”, citing policy uncertainties and strong buying from central banks and consumers in China and India.

Market analysts flag technical concerns despite the bullish momentum. The Relative Strength Index (RSI) has entered overbought territory across multiple timeframes, with a daily RSI divergence appearing—typically a warning sign for long positions. However, structural support remains robust, with gold’s $5,000 level now acting as strong support and silver’s industrial demand from solar, electric vehicles and AI sectors providing fundamental backing.

Ponmudi R, CEO of Enrich Money, noted that USD/INR stability in the 91.50-91.93 zone has aided domestic gold strength. Justin Khoo, Senior Market Analyst at VT Markets, said the weak US dollar and ongoing risk aversion continue to support precious metals as portfolio hedges amid macro uncertainties.

Published on January 27, 2026

For decades, silver lived in the shadow of gold—seen largely as a metal for jewellery, coins, and small-ticket savings. But as we move into 2026, that image is rapidly becoming outdated. Silver is no longer just a precious metal; it is increasingly a strategic metal, embedded in the functioning of the modern economy.

After a powerful rally in 2025, silver prices have gone through a phase of consolidation. Yet prices remain firm—not because of speculative frenzy, but because of a simple, persistent reality: global demand has been exceeding supply for several years, and that imbalance is becoming structural.

A world that needs more silver

Global silver demand in 2026 is projected at about 1.2 billion ounces, while mine supply is expected to stay near 1.05–1.06 billion ounces, setting up a fifth consecutive year of structural deficit.

What is more important than the number itself is the nature of demand. In the past, silver prices were driven mainly by jewelery consumption and investor sentiment. Today, more than half of global demand comes from industrial use. Silver is now critical to sectors that define modern life—clean energy, electric mobility, electronics, data centers, and advanced computing.

Solar power is a key driver. Although manufacturers are trying to reduce the amount of silver used per panel, the sheer scale of new installations worldwide means total consumption continues to rise. By the end of this decade, solar energy alone could absorb 15–20 per cent of annual global silver supply.

Electric vehicles add another layer of pressure. Each EV uses silver in power systems, battery management, sensors, and safety components. As EV adoption accelerates across China, the US, Europe, and India, this demand becomes structural—not cyclical.

Why supply cannot catch up quickly

Silver is not like gold, where production responds more directly to price. Nearly 70 per cent of silver is mined as a by-product of copper, lead, and zinc mining. That means silver supply depends more on the economics of base metals than on silver prices themselves. New mines take years to develop, and many existing mines are facing declining ore quality.

The result is a persistent structural deficit of roughly 140 million ounces per year—a gap that provides long-term support to prices.

India: The silent giant in silver demand

India has quietly become the world’s largest consumer and importer of silver. In 2026, India’s annual requirement is estimated at 5,000–7,000 metric tonnes.

This is no longer just about jewellery. Nearly half of India’s silver demand now comes from industrial uses—solar manufacturing, electronics, and electrical equipment. With India targeting 500 GW of renewable energy capacity by 2030, silver demand from solar alone is set to remain strong for years.

Investment demand is also rising. As gold prices stay elevated, many investors are turning to silver as a more affordable entry into precious metals.

Can silver be replaced?

Manufacturers are trying to substitute silver with cheaper metals like copper and aluminum. But silver has unique properties—it is the best conductor of electricity, dissipates heat efficiently, and resists corrosion over long periods.

In solar panels, replacing silver with copper often reduces efficiency by 5–10%, making it unattractive for large-scale power projects. In electronics, medical devices, and advanced technology, silver remains difficult to replace. Substitution may slow demand growth at the margins, but it cannot remove the structural deficit.

A policy shift: RBI brings silver into the credit system

Recognizing this structural shift in silver consumption and market dynamics, the RBI has permitted loans against silver from April 2026, effectively granting it a formal role as a financial asset alongside gold. By becoming acceptable as collateral for credit, silver moves beyond mere adornment and passive storage—it evolves into an active, productive asset within the financial system.

For households and small businesses, it means silver can be monetised without distress selling. For the market, it formally recognizes silver as a financial asset, likely encouraging more transparent investment and stronger institutional participation.

Price outlook: A demand-driven story

Silver is now trading in uncharted territory, with no clear historical resistance levels. Prices are forming higher highs with periodic corrections—typical of strong long-term uptrends.

Based on current trends: :

· Short term (2026): Prices have tested $100 per ounce owing to tight supply or strong investment flows (around ₹2.7 lakh per kg on MCX).

· Medium term (2–3 years): If annual deficits persist, silver could reach cycle highs of $150–$200 (₹4.0–₹5.5 lakh per kg).

Long term (5 years, scenario-based): If demand rises towards 1.4–1.5 billion ounces without major supply growth, price discovery could push silver to $350–$400 per ounce (₹9.5–₹10.8 lakh per kg).

The author is CEO – Enrich Money

Published on January 25, 2026

Indian gold and silver futures jumped to record highs early on Tuesday, tracking gains in overseas prices and supported by the rupee’s slide near an all-time low, dealers said.

Domestic gold futures rose ‌2.4% to a record high of ‌159,820 rupees per 10 grams in early trade, while silver futures jumped ‌6% to ‌an all-time high of ‌354,780 rupees ‌per kg.

Published on January 27, 2026

With gold prices rising, the Union Budget is likely to provide a higher allocation to the Gold Reserve Fund in both the revised estimates (RE) for FY26 and the budget estimates (BE) for FY27. The fund is primarily used to meet redemption payouts under the Sovereign Gold Bond (SGB) scheme.

A key driver of the higher allocation is the large volume of SGB redemptions. Fourteen tranches of the 2017–18 series were redeemed during the current fiscal, with the final tranche maturing earlier this month. While these bonds were issued at ₹2,881–2,951 per unit, redemption prices ranged between ₹9,486 and ₹13,486. Several tranches from the FY19 series are also eligible for premature redemption, with the fifth tranche redeemed at ₹14,853 per unit.

Given that the BE for the Gold Reserve Fund in FY26 was only ₹700 crore, a substantial upward revision is expected in the RE. In FY25, allocations under RE had surged to over ₹28,000 crore against a BE of ₹8,550 crore.

Future allocations

Looking ahead to FY27, six tranches from the 2018–19 series will be eligible for final redemption, while ten tranches from 2021–22 may qualify for premature redemption. Bonds in the FY19 series were issued at ₹3,114–3,326 per unit, while FY22 issuances were priced at ₹4,777–5,109.

According to the RBI, SGB redemption prices are based on the simple average of closing gold prices of 999 purity over the previous three business days, as published by the India Bullion and Jewelers Association. With gold currently trading above ₹16,000 per gram, redemption costs are set to remain elevated.

Introduced in 2015 to curb physical gold imports, the SGB scheme saw 67 tranches issued between FY16 and FY24, with subscriptions equivalent to over 146 tonnes of gold. Bonds mature after eight years, with premature redemption allowed after five years. Interest of 2.5 per cent is taxable, while capital gains on full maturity are exempt; Gains on premature redemption are taxed at slab rates.

Amid the sharp rise in gold prices and mounting redemption costs, the government has not issued fresh SGB tranches since FY24 and has virtually ruled out future issuances.

Published on January 26, 2026

Analysts cited a growing crisis of confidence in US assets following erratic trade and tariff threats by President Donald Trump. Other precious metals also rallied, with silver, platinum and palladium touching fresh highs. Analysts see further upside for gold in 2026. Photo Credit: style-photography

Gold surged to a record high above $5,100 an ounce on Monday, extending a historic rally as investors piled into the safe-haven asset amid rising geopolitical uncertainties.

Spot gold were up ‌2.2% at $5,089.78 per ounce by 0656 GMT, after earlier touching an all-time high of $5,110.50. US gold futures for February delivery also gained the same amount to $5,086.30 per ounce.

Historic rally

The metal soared 64% in 2025, its biggest annual gain since 1979, driven by safe-haven demand, US monetary policy easing, robust central bank purchases including China’s fourteenth straight month of buying in December, and record inflows into exchange-traded funds.

Prices have set consecutive record peaks over the past week and have already risen more than 18% this year.

Crisis of confidence

The latest catalyst “is effectively this crisis of confidence in the US administration and US ⁠assets, that was set off by some of the erratic decision-making from the Trump administration last week”, said Kyle Rodda, a senior market analyst at Capital.com.

US President Donald Trump abruptly stepped back on Wednesday from threats to impose tariffs on European allies ⁠as leverage to seize Greenland.

trade threats

Over the weekend, he said he would impose a 100% tariff on Canada if it followed through on a trade deal with China.

He has also threatened to hit French wines and champagnes with 200% tariffs in an apparent effort to pressure French President Emmanuel Macron into joining his Board of Peace initiative. Some observers fear the board could undermine the United Nations’ role as the main global platform for conflict resolution, though Trump has said it will work with the UN.

“This Trump administration has caused a permanent rupture in the way things are done, and so now everyone’s kind of running to gold as the only alternative,” Rodda added.

dollar weakness

Meanwhile, a rising yen dragged the dollar broadly lower on Monday, with markets on alert for possible intervention in the yen and investors cutting dollar positions ahead of this week’s Federal Reserve meeting.

A weaker dollar makes greenback-priced gold more affordable for holders of other currencies.

Bullish outlook

Analysts expect gold prices to climb further toward $6,000 this year on mounting global tensions as well as strong central-bank and retail demand.

“We expect further upside (for gold). Our current forecast suggests that prices will peak at around $5,500 later this year,” said Philip Newman, director ⁠at Metals Focus.

“Periodic pullbacks are likely as investors take profits, but we expect each correction to be short-lived and met with strong buying interest,” Newman added.

precious metals rally

Spot silver advanced 4.8% to $107.903, after hitting a record of $109.44. Spot platinum climbed 3.4% to $2,861.91 ⁠per ounce, after hitting a record high of $2,891.6 earlier in the session, while spot palladium was 2.5% higher at $2,060.70, having touched a more than three-year high.

Silver climbed above the $100 mark for the first time on Friday, building on its 147% rise last year as retail-investor flows and momentum-driven buying compounded a prolonged ⁠spell of tightness in physical markets for the metal.

Published on January 26, 2026

For decades, gold has occupied a unique position in Indian households not merely as jewelery or an investment, but as a symbol of financial security, cultural continuity, and long-term wealth preservation. India is estimated to hold nearly 25,000 tonnes of household gold, valued at over ₹126 lakh crore, making it one of the largest private gold reserves in the world.

Traditionally, this vast wealth remained largely dormant, accessed only in times of distress through gold loans viewed as a last resort financing option. Indian households are increasingly recognizing the opportunity to reframe gold loans not as a necessary credit mechanism, but as a calculated approach to managing liquidity without having to part ways with precious assets. This is a greater paradigm involving the shifting situation for consumers to deal with evolving concepts of secured funding products.

From distress borrowing to planned liquidity

While in the past, gold loans were typically linked to a state of urgency, whether in the context of health, agricultural, or even income squeeze, in the present scenario, the context for gold loans has significantly grown in scope and intent. While in the past, borrowers tended to adopt gold loans in a more ad hoc manner, the present pattern indicates a more considered and informed attitude to borrowing.

Recent data has also reflected this trend. Observably, in its September 2025 edition, the CRIF High Mark report has stated that in Q2 for Financial Year 26, the Indian Retail and Consumption Loan Portfolio has recorded a growth of 18 per cent YOY, whereas gold loans grew by 35.8 per cent, making them the highest growing segment in Indian Retail Credits. The expansion is also evident in portfolio trends.

RBI data shows that gold loan portfolios increased from ₹89,898 crore in November 2023 to ₹1.59 lakh crore by November 2024, and further to approximately ₹3.5 lakh crore by November 2025 nearly doubling within a year. This rapid growth reflects both higher gold prices and increased borrower confidence in formal credit channels.

Gold loan market: A large and largely untapped opportunity

However, the amount of monetised household gold through formal lending channels is only about 5.6 per cent. This again underscores the great opportunities awaiting the formal market of gold finance. With the need for credit increasing for the household economy and the micro entrepreneur, the opportunity for gold finance looks attractive both as a counter cyclical option and as a means of managing risk.

However, while banks have progressively grown their gold loan offerings, the role of Non-Banking Financial Companies, which initially spearheaded the cause, should not be forgotten, especially when it comes to promoting the cause of gold loans at the retail household or small business owner level.

Why NBFCs Are Central to the Shift

NBFCs have been one of the primary contributors in the mindset change. The simplified documentation process, faster disbursement, flexible repayment systems, and the transparent valuation of the loans have made the gold loan accessible to the borrower. For many families, there exists an opportunity through the NBFC, a state of regulatory access that does away with the need for alternate credit sources. However, most importantly, the gold loans extended by the NBFC segment are becoming increasingly aligned with sound lending standards, where the borrowers can retain ownership of the gold, thereby fostering a sense of trust with the segment.

Policy and regulation strengthen confidence

The Reserve Bank of India has implemented clear guidelines around loan-to-value (LTV) ratios, valuation standards, and risk management practices. These measures have enhanced consumer protection while enabling lenders to manage exposure effectively. Such regulatory clarity has helped formal gold loans gain legitimacy as a mainstream financial product, especially at a time when unsecured credit is witnessing increased scrutiny.

Changing consumer mindsets: Gold as productive capital

Central to all of this, of course, is a significant shift in terms of consumer thinking, where consumers no longer view gold as being ‘idle wealth laid away as an emergency fund,’ but as being ‘productive capital that can support their financial goals without being sold.’ This phenomenon also receives corroboration from macro-economic indicators. The rise in price of gold is having a positive impact on the wealth of the people. A rise of ₹117 lakh crore is estimated to have been added to the wealth of the people of India because of an increase in the price of gold over a short span of a year. The rise in price of gold results in an increase in its attractiveness as a collateral for short-term finance.

Gold loans as a smart liquidity solution

In today’s market, the decision to take a gold loan can be justified for various reasons, as compared to other loans, which involve lower interest rates, a lower tenure period, do not impact the credit score, and, most importantly, the ownership does not move out of one’s own hands in the form of gold. It seems that the more the credit infrastructure develops and matures in India, the more the gold loans provided through the NBFCs will be a part of the general household planning scenario rather than being a last resort. The traditional and modern approaches being adopted for the gold loans will make the whole scenario a smart move for the modern and financially aware India.

The author is, Director, Arvog

Published on January 25, 2026

Silver and gold rise to new highs in the futures market on the MCX.

Silver prices topped a record $100 an ounce on Friday to rise to as high as $100.22 before dropping to $99.70. Gold and platinum too zoomed to new highs, resuming their rally on Friday, as the dollar had its poorest week since May 2025, due to geopolitical crises and threats to the US Federal Reserve from the Donald Trump administration.

In India, gold rose to a new high, but silver ended short of Wednesday’s high in the Mumbai spot market. But both metals surged to new highs in the futures market on the MCX.

Gold, which surged to a new high of $4,967 an ounce early on Friday, was quoted at $4,945.70 at 1940 hours IST.

Gold February futures on the COMEX ruled at $4,944.25 an ounce.

In the Mumbai spot market, gold ended at ₹1,54,310 per 10 g, while on the MCX, February futures were at ₹1,56,991.

Silver ruled at $99.925 an ounce at 2125 hours, and March futures on the COMEX rose to $100.465 before easing to 100.09. In the Mumbai spot market, silver closed at ₹3,17,705 a kg, and on the MCX, March futures were ₹3,34,700.

At $110/oz in China

In China, silver March futures soared over $110 an ounce, ruling at 25,233 yuan a kg ($112 an ounce)

Platinum hit a record high of $2,700 an ounce as it gained with investors looking to it as the next best bet to gold and silver.

Renisha Chainani, head of research at Augmont, said sustained haven demand was aiding the precious metals complex.

Edelweiss Mutual fund said silver continues to enjoy strong, multi-sector demand—from jewelery and electronics to electric vehicles and solar energy.

Gold’s support

Chainani said the previous resistance for gold near $4,750 has now turned into a strong support zone. “As long as prices hold above this level, the upside target of $5,000 remains intact,” she said.

In silver, prices have corrected, but strong support continues. “As long as silver trades above the $90.5 level, the metal retains the potential to move higher towards the $99–100 range. Overall, dips are likely to attract buying interest rather than signal a trend reversal, she said.

Published on January 23, 2026

Samit Guha, Managing Director and CEO, MMTC-PAMP

The precious metal refining sector expects the government to address duty disparities that put domestic refiners at a disadvantage compared to imports through free trade agreements, MMTC-PAMP Managing Director and CEO Samit Guha said on Friday.

“One of the expectations we’ve had as not just MMTC-PAMP, but as the whole precious metal refining sector has seen this disparity, which is there in duty, especially through the SEPA route between what we get as Dore versus what refined bullion is imported at,” Guha said.

The duty gap puts refiners at a significant disadvantage, though the government appears to be aware of the issue, he said.

FTA Challenges

FTAs signed after the Single Euro Payments Area (SEPA) have excluded bullion, and the industry hopes future trade agreements follow the same approach by not including gold and silver in lower duty structures.

Government Support

To boost India’s global standing in refining and increase the number of London Bullion Market Association-accredited refiners, the government needs to provide input-related benefits through duty differentials, either via the FTA route or by widening the existing differential, Guha said.

“We would request the government to see what they can do in terms of either input-related benefits, in terms of duty differentials…which will really encourage local refiners to invest in the refinery and get ROIs and up their refining capacity and capability to a global level,” he added.

MMTC-PAMP is ready to support the government or ministry from a technical standpoint, given its expertise in running an LBMA refinery, he added.

Duty Rates

Currently, dore duty stands at 6 per cent for both gold and silver, with refiners getting a 0.65 per cent duty differential, making the effective rate 5.35 per cent.

Import Volumes

MMTC-PAMP primarily imports gold in dore form as a refiner, with gold-silver imports historically in a 1:1 ratio. The company imported around 40 tonnes of gold and 50 tonnes of silver in fiscal 2024-25.

During April-December of the current fiscal year, imports totaled 36 tonnes of gold and 60 tonnes of silver, reflecting overwhelming silver demand, Guha said.

Published on January 23, 2026

Silver prices in India have extended its upward trend today, January 23, with a notable increase across all major cities. The price of one gram silver and one kg silver have increased by ₹20 and ₹20,000, respectively compared to yesterday’s movement. This report provides a detailed, city-by-city breakdown of today’s silver prices.

Market experts remain constructive on silver but urge investors to balance optimism with caution. Renisha Chainani of Augmont said the metal is riding a powerful macro and geopolitical wave, by a historic short squeeze, strong retail participation, and China’s tightening export controls, adding to supply concerns.

Tapan Patel of Tata Asset Management, however, noted that silver’s sharp swings mean it is better suited for tactical exposure than as a core hedge, advising staggered investments instead of chasing rallies and suggesting partial profit-taking as the Gold-Silver ratio compresses, with reallocation into steadier assets like gold to keep portfolios aligned with long-term risk goals.

Silver Rate in India

Silver prices climbed today, with the average rate at ₹360 per gram, up ₹20, while one kilogram now costs about ₹3,60,000, higher by ₹20,000.

Silver Rate in Mumbai

Silver prices in mumbai rose to ₹360 per gram, up ₹20 from yesterday. The rate for 1 kg climbed to ₹3,60,000, marking a sharp ₹20,000 increase.

Silver Rate in Chennai

Chennai’s silver rates have also seen a jump to ₹3,60,000 per kg.

Silver Rate in Delhi

In Delhi, the prices moved similarly higher, tracking gains seen across major cities. The price of one kilogram of silver climbed to ₹3,60,000 compared with ₹3,40,000 in the previous session, marking a steep ₹20,000 jump in a single day.

Silver Rate in Ahmedabad

Silver prices in Ahmedabad surged, mirroring the strong uptick. The cost of one kilogram climbed sharply by ₹20,000 to ₹3,60,000, up from ₹3,40,000 in the previous session.

Silver Rate in Kolkata

In Kolkata, the white metal saw a strong rise, as a kilogram became costlier by ₹20,000 at ₹3,60,000 compared with yesterday.

Silver Rate in Bengaluru

In Bengaluru, silver prices spiked to ₹360 per gram and to ₹3,60,000 per kg.

Silver Rates Courtesy: bankbazaar.com

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Published on January 23, 2026