Gold has rallied sharply since last Dhanteras, with prices rising from around Rs 78,840 per 10 grams ($2,769/oz) on October 29, 2024, to nearly Rs 1.28 lakh ($4,254/oz) ahead of the 2025 festive season — a gain of about 63% in rupee terms and 53% in dollar terms. Over this period, gold has vastly outperformed the Nifty 50, which has remained largely flat. The rally has been fuelled by aggressive central bank buying, heightened geopolitical tensions, and global economic uncertainty, while expectations of further rate cuts have amplified investor interest in bullion. Advertisement

On the MCX, gold traded 1.69% higher at Rs 131,052 per 10 grams on Friday after touching a record Rs 132,294. ETF inflows have reached their highest since 2020, while physical gold demand in coins and small ornam

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