Gold Outshines Stocks, Silver in 2025 With 24.7% Gains — But for How Long?
Gold prices on the Multi Commodity Exchange (MCX) slipped on Thursday as investors booked profits following a record-setting rally that saw prices soar near the ₹96,000-mark per 10 grams. The pullback comes amid broader global cues and rising investor caution.
New Delhi: Gold prices on the Multi Commodity Exchange (MCX) slipped on Thursday as investors booked profits following a record-setting rally that saw prices soar near the ₹96,000-mark per 10 grams. The pullback comes amid broader global cues and rising investor caution.
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MCX Gold Prices Ease After Touching ₹95,935 per 10 Grams
Gold futures on the MCX reached an all-time high of ₹95,935 per 10 grams before easing slightly. The dip was attributed to profit booking after a robust upward momentum driven by geopolitical and economic uncertainty.
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Global Gold Prices Also See a Decline After Fresh Record
International spot gold prices dropped 0.8% to $3,317.63 per ounce, while US gold futures slipped 0.5% to $3,330.60. Earlier in the session, bullion hit a historic peak of $3,357.40, marking a 27% year-to-date (YTD) gain.
Investors are closely watching developments in US-Japan tariff negotiations, which may impact global market sentiment and gold price movement.
Gold Prices Have Doubled in Four Years
Gold has been on a stunning bull run, with prices more than doubling since April 2021. Back then, MCX gold traded around ₹47,000 per 10 grams, compared to ₹95,935 in April 2025 — a 104% increase.
This rally is driven by a mix of factors, including:
- Escalating Middle East tensions
- The ongoing Russia-Ukraine war
- Strong central bank gold purchases
- High investment and physical demand
- Steady inflows into gold-backed ETFs
Gold Beats Silver, Base Metals, and Equities in 2025
In terms of YTD performance (2025):
- MCX Gold: +24.71%
- MCX Silver: +9.28%
- Sensex: +0.5%
- Nifty 50: +0.8%
Gold has outperformed all major asset classes so far this year, highlighting its role as a reliable safe-haven investment.
Eight Consecutive Years of Positive Returns
Gold has posted annual gains for eight straight years since 2018. Notably:
- 2022: +14.38%
- 2023: +14.88%
- 2024: +21.43%
- 2025 (YTD): +24.71% (with 8 months remaining)
What’s Next for Gold? Analysts Predict Limited Upside
Despite the rally, experts warn of limited upside potential going forward. According to Ajay Kedia, Director at Kedia Advisory:
“Gold prices have already factored in most supportive elements. We expect a correction in the second half of 2025.”
He suggests:
- MCX Gold may rally to ₹98,500–₹99,000
- Correction likely towards ₹78,000–₹80,000
In international markets, gold is expected to trade in a broad range of $2,750–$3,600 per ounce this year.
