Page 32 - Bullion World Issue 12 Volume 05 December_2025
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Bullion World | Volume 5 | Issue 12 | December 2025
Year in
Review:
India
Bullion
Industry
2025
Dr Renisha Chainani
In the US, the dominant theme was monetary-policy
The year 2025 was uncertainty. Persistent inflation, labour-market softness,
"
and repeated hints of Federal Reserve rate cuts fuelled
transformative for the bullion strong safe-haven demand. Gold ETF inflows rose
trade across the world, shaped sharply, while OTC desks reported heightened activity
by unprecedented volatility, as prices climbed to record territory. Silver became the
shifting macroeconomic story of the year: industrial demand, a global supply
conditions, regulatory squeeze, and speculative short-covering pushed prices
adjustments, and a surge to decades-high levels. The US solar manufacturing
in investor interest. This boom, supported by the Inflation Reduction Act, further
tightened silver availability. Refiners and industrial
convergence of global and consumers faced rising premiums and delivery delays,
domestic factors created one forcing businesses to adopt more aggressive hedging
of the most dynamic trading and inventory strategies.
environments in recent history,
redefining strategies and India experienced parallel but uniquely localised
reshaping the value chain for forces. High domestic demand-driven by weddings,
festivals, and record imports earlier in the year-kept the
bullion businesses on both bullion market vibrant despite elevated prices. Silver
sides of the world. demand from small manufacturers,
"
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