Gold and silver have emerged as the standout assets of 2025, driven by a mix of monetary-policy shifts, geopolitical tensions and structural demand, according to a new outlook report from Axis Mutual Fund.

Gold up ~60% in 2025 so far

As per the Axis MF report, gold has rallied nearly 60% so far this year, supported by a weaker US dollar, expectations of further Federal Reserve rate cuts and persistent safe-haven buying.

The US Dollar Index has fallen about 8% in 2025, weighed down by concerns around the US debt load, now at 124% of GDP.

Uncertainty around the appointment of the next Fed Chair and its potential implications for policy has added to volatility—typically favourable for gold. The report notes that slowing global growth, sticky inflation and Japan’s bond-market turbulence al

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