Gold and silver experienced significant rallies in 2025, with silver surging over 169% and gold over 76% globally, reaching record highs domestically. This surge was attributed to factors including anticipated US Federal Reserve rate cuts, central bank bullion purchases, and geopolitical uncertainties. However, on January 1, 2026, both metals saw slight dips on MCX due to profit-taking and a stronger US dollar, though expectations of further Fed rate cuts provided some support, particularly for gold. Silver, meanwhile, showed gains supported by physical demand.