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Below the Quote on 'Year-end perspective on the gold, silver and copper prices in 2025 and outlook for 2026 by Rajeev Sharan, Brickwork Ratings

The rally in gold, silver, and copper through 2025 was more than a market surge—it was a signal of deeper economic shifts. A 79% increase in gold price and a historic 140% surge in silver reflected two major trends: countries moving away from holding dollars as reserves, and rising prices eroding the value of paper money worldwide. Copper's 40% climb signals the energy transition is no longer a buzzword but a supply-constrained reality with no viable substitutes at scale.

For India, the paradox is acute. The import duty cuts on gold and silver from 15% to 6% should have catalysed consumption; however, the unchanged 3% GST continues to limit retail demand. Meanwhile, 50% US tariffs on jewellery exports create headwinds that lower import tariffs cannot fully offset. India’s copper demand is poised to accelerate as data centre capacity expands to 4–8 GW by 2030.

Looking ahead to 2026, the key question is whether central banks’ sustained gold purchases can uphold valuations if a technical reset emerges. Nevertheless, the underlying drivers—inflation, currency weakness, and geopolitical uncertainty—remain strong enough to overcome any correction, keeping gold prices anchored in the USD 4,500–5,000 range.      

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