Overview
- JPMorgan raised its long‑term gold forecast to $4,500 per ounce and kept its year‑end 2026 target at $6,300, citing sustained central‑bank demand that it estimates at about 800 tonnes in 2026.
- Major houses including Wells Fargo, UBS, Deutsche Bank, Société Générale, Goldman Sachs, Morgan Stanley, Citi and HSBC have upgraded 2026 outlooks, reinforcing a higher valuation regime for gold.
- After steep Feb. 26 profit‑taking on MCX (gold down Rs 1,921 per 10g and silver down Rs 11,370 per kg), prices stabilized on Feb. 27 with MCX gold hovering near Rs 1.60 lakh per 10g and silver rebounding toward Rs 2.67–2.75 lakh per kg.
- Domestic spot gauges reflected the volatility, with the All India Sarafa Association reporting Feb. 26 declines of about Rs 1,300 per 10g for 99.9% gold and Rs 7,400 per kg for silver, followed by a modest consolidation in city rates on Feb. 27.
- SEBI set new valuation norms for physical gold and silver held in ETFs effective April 1, 2026, while recent moves have tracked shifts in the dollar, tariff policy uncertainty and persistent US–Iran tensions.