Gold, silver prices to remain elevated amid global uncertainties: Economic Survey
New Delhi (PTI): Gold and silver prices are expected to remain at elevated levels amid persisting global uncertainties, unless a durable peace is established and trade wars are resolved, according to Economic Survey 2025-26.
The survey highlighted that both gold and silver touched lifetime highs during 2025, reflecting heightened global uncertainty and strong safe-haven demand.
The rally was buoyed by a weakening US dollar, expectations of persistently negative real rates, and the market's growing assessment of geopolitical and financial tail risks.
"The prices of precious metals, both gold and silver, are likely to continue increasing due to their sustained demand as safe-haven investments amid global uncertainties, unless a durable peace is established and trade wars are resolved," said the survey tabled in Parliament.
On the Multi Commodity Exchange (MCX), silver futures crossed the record Rs 4 lakh per kg barrier on Thursday soaring by 6.3 per cent, while gold touched fresh all-time high of Rs 1.8 lakh per 10 grams.
Some commentators feel that the torrid pace set by gold and silver in 2025 may not be sustained, it added.
Meanwhile, gold prices ended at Rs 1,39,201 per 10 grams, while silver closed at Rs 2,35,701 per kilogram recorded on December 31, 2025, on the MCX.
In retail markets, gold and silver settled lower at Rs 1,37,700 per 10 grams and Rs 2,39,000 per kg in retail markets, recorded at the end of last year.
In FY25, India's import composition continues to be dominated by petroleum crude, gold and petroleum products, with these sectors accounting for over one-third of total imports. Gold imports increased by 27.4 per cent year-on-year (YoY) basis.
The increase in gold imports may be attributed to a rise in gold prices, increasing by 38.2 per cent (YoY) and driven by strong domestic consumption, the survey said.
Meanwhile, foreign currency assets (FCA), which form the liquid core of reserves, softened slightly from USD 567.6 billion in end March 2025 to USD 560.5 billion as of 16 January 2026.
In contrast, the gold component rose sharply to USD 117.5 billion as of 16 January 2026, compared with USD 78.2 billion at the end of March 2025, it added.
This increase reflects both valuation gains during a period of elevated global gold prices and a continued preference among central banks for diversifying into non-dollar reserve assets.
The growing share of gold in reserves aligns with a broader international pattern where many emerging markets have increased gold holdings amid geopolitical uncertainty and shifts in the global interest-rate cycle, it said.
According to the survey, gold prices soared from USD 2,607 to USD 4,315 per ounce in 2025, marking one of the steepest annual gains in recent years.
On the other hand, base metals, such as iron, copper, and aluminium, are expected to increase moderately. Copper is likely to keep its price elevated due to strong demand from green technology and data centres, coupled with supply disruptions.
However, the survey cited the World Bank’s Commodity Prices Outlook, October 2025, which projected that global commodity prices are expected to decline by approximately 7 per cent in FY27, primarily driven by subdued crude oil prices amid oversupply.
"Geopolitics may come in the way of this prediction," it said.
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R-Day parade: Navy wins best marching contingent award, Maharashtra tops tableau category
New Delhi (PTI): Indian Navy has been adjudged the best marching contingent among the three wings of the armed forces at this year's Republic Day Parade, officials have said.
Maharashtra won the top prize in the category of states and Union Territories for its tableau showcasing Ganeshotsav, while the culture ministry's tableau celebrating the 150-year legacy of 'Vande Mataram' emerged as the winner in the ministries and departments category.
The Navy's marching contingent comprised 144 young personnel marching shoulder-to-shoulder on the historic Kartavya Path, symbolising it as a progressive and strong maritime force, Navy officials said on Wednesday.
The Navy's marching contingent won the top prize in the best marching contingent among the three services, while Delhi Police's contingent was adjudged the best marching contingent among Central Armed Police Forces (CAPFs) and other auxiliary forces, they said.
In the state and Union Territories tableau category, Jammu and Kashmir won the second prize, followed by Kerala in third place.
Maharashtra's tableau presented a blend of modernity and tradition, portraying the Ganesh festival as a symbol of self-reliance. Dressed in traditional attire, a troupe of women dancers performed Lezim, a folk dance, on either side of the tableau during the parade on the ceremonial boulevard.
The culture ministry's tableau celebrated 150 years of 'Vande Mataram', showcasing the song's composition by Bankim Chandra Chatterjee, a colonial-era recording by a famous Marathi singer and its rendition by a group representing the 'Gen Z'.
Themed 'Vande Mataram: The Soul-Cry of a Nation', the tableau's foreground section depicted the manuscript of 'Vande Mataram' being composed, while a panel on its lower side depicted an image of Chatterjee.
The middle section carried a group of artistes in traditional costumes, depicting the folk diversity of India, while some were seen in modern dresses, representing the 'Gen Z'.
Behind them, a series of art installations showcased celebrated actor and musician of Marathi cinema and theatre, Vishnupant Pagnis, recording the song, freedom fighters facing the gallows, and an imposing image of 'Bharat Mata' (Mother India) holding the Tricolour.
The depiction was of the rare 1928 recording of the song by him, an official said.
The award presentation ceremony will take place on January 30 at the Rashtriya Rangshala Camp, another official said.
A special prize was awarded to the Central Public Works Department's tableau, which celebrated 150 years of 'Vande Mataram' with a floral float; and the 'Vande Mataram: The Eternal Resonance of India' dance group, officials said.
In the 'Popular Choice' category, based on an online poll conducted on the MyGov portal, citizens voted the Assam Regiment as the best marching contingent among the three services, while the CRPF won the award for the best marching contingent among the CAPFs and other auxiliary forces.
Gujarat secured the top spot in the popular choice category for states and Union territories with its tableau themed 'Mantra of Swadeshi-Self-Reliance-Freedom: Vande Mataram', followed by Uttar Pradesh (theme - Culture of Bundelkhand) and Rajasthan (theme - Golden Touch of the Desert: Bikaner Gold Art).
The Department of School Education and Literacy's tableau (theme - National Education Policy) was chosen as the best tableau from central ministries and departments in the 'Popular Choice' category, they said.
