Gold prices continued their strong upward momentum in FY2026, with average prices rising nearly 60% year-on-year (YoY) compared to the 33% YoY increase in FY2025. 

The rally was primarily driven by robust central bank gold accumulation along with the elevated leveraged positions held by traders on the Commodity Exchange (COMEX). These factors have played a pivotal role in supporting and sustaining the multi-year gold bull run.

Source: CMIE, ICRA Research; 1-995 purity