India has executed the most sweeping restructuring of its silver import framework in recent history — deploying three policy instruments within five days that collectively amount to a structural reset of the country's bullion supply chain. A 15% import duty, a " Restricted" import classification, and a revised MCX Good Delivery framework for domestic refiners have together created a new market architecture. This report analyses the policy rationale, market implications, supply chain disruptions, and the medium-term outlook for silver prices, premiums, and sourcing channels in India.

Gold surged 75% in 2025 and silver over 170%, driven by global monetary easing, geopolitical and tariff uncertainty, US fiscal stress, strong ETF and central-bank buying, and a structural shift in portfolio allocation. Tight silver supply, booming industrial demand, and policy risks reinforced a historic, structurally supported precious-metals bull market. Check out what lies ahead in 2026..

Over the past two decades, gold has consistently outperformed many asset classes, delivering a 15% compounded annual return for Indian investors. So when you are thinking of investing in Gold and Silver, think of long term, say 3 years, 5 years and 10 years. The idea is to allocate at least 15-20% of the portfolio in Gold and Silver for a higher risk-adjusted return. If your portfolio is under allocated, increase the allocation starting this Dhanteras/Diwali.

With gains of 15% in September, 30% in the July–September quarter, and 60% in the first nine months of 2025, silver has been the best-performing asset class. At the same time, Gold has seen a parabolic rally, risen 10% in September and has increased by over 50% ytd in 2025. Let’s understand in detail about the US Govt shutdown and its potential impact on Gold and Silver. 

Gold and silver saw gains of 4% and 2%, respectively, driven by rate-cut expectations, heightened political risks, a steepening yield curve, and worries about the Fed’s independence.

Gold has regained its shine among investors, emerging as one of the best-performing assets in recent years. In 2024, it surged nearly 27%, and by August 2025, it had already risen another 35%. Silver has outperformed Gold by rising more than 40% in the first eight months of 2025.

Akshaya Tritiya, celebrated as an auspicious day to invest in gold, often sees a surge in gold purchases across India. But in 2025, with gold prices touching all-time highs, the big question for investors and buyers is whether to buy gold or not.

Here we explain all the dynamics of gold market and the strategy of Gold investing in 2025..

The Trump administration’s tariffs have significantly impacted the global bullion industry, particularly regarding supply chains, pricing, and investor sentiment.

The import duties cut/rise on gold and silver have not been announced, as few market participants anticipated. A few other significant announcements, nevertheless, will be advantageous for the whole gems and jewellery sector.

The bullion industry seeks to reduce import duty on gold and silver from 6% to 3% to enhance export competitiveness, though a further cut seems unlikely. Gold refiners are pushing for an increased duty difference between dore and refined gold (currently just 0.65%) to encourage domestic refining. The industry also advocates for a single regulator for Bullion industry to streamline supervision and improve market transparency.

The IIBX has seen rapid growth, and stakeholders seek a 0.5% import benefit via IIBX and recognition as a Jewellery Export Centre to boost India’s gold trade. With over 12 crore digital gold investors, a regulatory framework is needed to ensure consumer protection, prevent fraud, and promote digital gold as a secure investment. These measures aim to strengthen India’s position in the global bullion market while fostering domestic refining and digital gold adoption.

With the continued geopolitical, political, and macro uncertainty, gold and silver are expected to retain their appeal as a hedge against inflation. Investors may adopt a “buy on dips” strategy as the metal is anticipated to experience periodic oscillations, but the long-term view remains favourable for the next 5-6 months.

Gold and Silver have been the best-performing asset class in 2024, touching record high levels of $2772 (~Rs 78900) and $35 (~Rs 100,000) mark respectively this month.