Titan Has Acquired Majority Stake In Damas Jewellery To Strengthen Market Presence Across The Six GCC Countries

By Manu Sharma

Damas Jewellery is jointly owned by Titan Company (which holds a 67% majority stake through its subsidiary Signature Jewellery Holding) and Mannai Corporation QPSC (which retains the remaining 33% stake through MC International Limited).

Titan Company (67%): An Indian luxury and watchmaker backed by the Tata Group, Titan completed its acquisition of the majority stake to expand across the Gulf Cooperation Council (GCC). Titan has an option to acquire the remaining 33% share after the end of 2029.

Mannai Corporation QPSC (33%): A Qatar-based corporation that previously held full ownership of the brand and retains a minority share following the transaction.

It is a significant move for Titan's jewellery business as it will facilitate the expansion across the 6 GCC countries of UAE, Saudi Arabia, Qatar, Oman, Kuwait and Bahrain. The region is exhibiting robust economic growth creating a demand for differentiated, high quality offerings rooted in Arabian aesthetic and appealing to sophisticated clientele seeking unique, culturally resonant designs.

Damas Jewellery stands as Middle East's premier jewellery retailer, weaving a rich legacy of over a century marked by unparalleled craftsmanship and innovation. With a network presence of 146 stores across the 6 GCC countries, Damas today, houses a rich and curated portfolio of in-house collections alongside prestigious international labels.

Commenting on the acquisition,

C.K. Venkataraman, Managing Director of Titan, said:

"After successfully establishing Tanishq in the GCC countries and the USA, our ambition for a global jewellery play is moving to the next stage. With the Damas acquisition, Titan Company is stepping out from its diaspora focus into other nationalities and ethnicities. Damas is a prestigious brand revered in the GCC markets for its product innovation, quality and customer experience. The brand's rich legacy and strong presence in the GCC region align perfectly with our vision to deliver exceptional value to customers throuoh iconic, consumer-focused businesses. The acquisition not only creates a significant new global opportunity for Titan, but also enhances Titan's overall position in the jewellery market in the GCC countries and brings in multiple synergy benefits in talent, retail networks and supply chain.

We are happy to welcome Damas into the Titan family. We look forward to building on Damas' rich heritage while driving the brand's sustainable growth journey together with Mannai Corporation."

Alekh Grewal, Group Chief Executive Officer of Mannai Corporation, said:

"Mannai Corporation is a Public Listed Company headquartered in Qatar, our activities are mainly focused in the Business to Business segment based on trade and IT services. Damas , headquartered in Dubai, became a subsidiary of Mannai in 2012, and the time has come for investment in the next phase of its expansion in the region. So, we are delighted that Titan is taking the opportunity to invest in the future of Damas. Both Titan and Damas share the same values in terms of passion for beautiful jewellery, innovative design and dedicated customer service , and we are confident that the combination of Damas powered by Titan will drive Damas in the next chapter of its growth trajectory in the GCC. Mannai will continue to own a minority stake in Damas for the next 4 years as the growth plans for Damas are taken forward. It is intended that the proceeds of the sale transaction will be deployed by Mannai to strengthen its resources in support of further expansion of its core trade and IT services businesses in addition to reducing the Group Debt."

BMRCL And InMobi Sign MoU To Strengthen Sustainable Urban Mobility At InMobi Ibbaluru Metro Station

* InMobi partners with BMRCL to secure naming rights for the next 30 years, reinforcing its long-term commitment to Bengaluru and its citizens

Bangalore Metro Rail Corporation Limited (BMRCL) and InMobi today announced a long-term partnership for the InMobi Ibbaluru Metro Station, bringing together public infrastructure and private enterprise to support a more connected, accessible, and sustainable Bengaluru.

Under the agreement, InMobi has secured the naming rights for Ibbaluru Metro Station for a period of 30 years, with a total contractual commitment of ₹65 crore, excluding GST. The station will be known as InMobi Ibbaluru Metro Station. The partnership brings together public infrastructure and private enterprise to support Bengaluru's expanding public transport ecosystem and its long-term development.

Dr. P. C. Jaffer, IAS, Managing Director, BMRCL, said: "We are delighted to welcome InMobi, India's first double unicorn company, as our partner in the development of Bengaluru's Metro infrastructure. This partnership demonstrates how leading corporate organisations can contribute meaningfully to the growth of public transport. The Rs. 65 crore arrangement will support Metro infrastructure development while strengthening BMRCL's non-fare revenue initiatives. We look forward to many more such partnerships with Bengaluru's corporate community."

“Bengaluru gave InMobi the confidence to imagine and build a global future,” said Naveen Tewari, Founder and CEO, InMobi. “As we have grown, so has our sense of responsibility towards the city that shaped our journey. This partnership reflects our commitment to giving back to Bengaluru and our belief that businesses have a role to play in the development of the communities they are a part of. As we continue building from India for the world, we remain equally committed to contributing to the city where our journey began.”

Dr. Subi Chaturvedi, Global SVP, Chief Corporate Affairs and Public Policy Officer, InMobi, further added, “A city’s progress is felt in the daily lives of its citizens: how easily a student reaches college, a professional gets to work or a family travels across the city. Public transport makes those connections possible. Through our partnership with BMRCL, we are committing to Bengaluru’s future with the patience and responsibility that city-building requires. Our intention is to create lasting public value through infrastructure that serves people across generations. It's truly a moment of great pride for all InMobians.”

For InMobi, founded in Bengaluru and grown into a global technology company, the partnership represents an enduring investment in the city that shaped its journey. It recognizes that Bengaluru’s continued progress depends on infrastructure that gives people better access to workplaces, education, opportunities, and one another.

The partnership supports a broader vision of urban growth in which mobility and economic development advance together. By supporting metro infrastructure, the collaboration seeks to encourage the use of public transport and contribute to Bengaluru’s response to traffic congestion and environmental pressures.

It also underscores the role businesses can play as long-term participants in urban development, connecting enterprise success with the quality of public infrastructure on which employees, families and communities depend. BMRCL and InMobi see this partnership as a contribution to Bengaluru’s long-term resilience, bringing institutional collaboration and sustained investment together in support of a more liveable city.

About BMRCL

Bangalore Metro Rail Corporation Limited (BMRCL) is a joint venture of the Government of India and the Government of Karnataka, established to implement the Bengaluru Metro Rail Project. Through Namma Metro, BMRCL is strengthening urban connectivity and providing an environmentally sustainable public transport system for Bengaluru. Its expanding network connects communities and employment centres, supporting the city’s mobility needs and long-term development.

About InMobi

InMobi is a global technology company shaping the future of agentic commerce and advertising. Through its ecosystem of businesses — including independently operated consumer platform Glance — InMobi leverages data, machine learning, and generative AI to help brands reach targeted audiences and consumers discover products more intuitively. Glance, which is pioneering new models of agentic commerce, is operated by Glance InMobi Pte. Ltd., an associate of InMobi Technology Services Pte. Ltd. To learn more, visit advertising.inmobi.com.

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Chef Aanal Kotak To Put India On The Global Culinary Map At The 10th World Tapas Championship

* As India's sole representative among 16 international finalists, Chef Aanal will showcase Gujarat's iconic Amdavad ni Kachori on the global stage

India's rich food heritage is set to take centre stage internationally as Chef Aanal Kotak, Celebrity Chef, Entrepreneur and Co-founder of TSK Hospitality LLP, prepares to represent the country at the 10th World Tapas Championship (Concurso Mundial de Tapas), scheduled from November 9–11, 2026, in Valladolid, Spain. Recognised as Gujarat's Youngest Cooking Expert and known for her association with MasterChef India Season 7 as a celebrity guest, Aanal's participation marks a significant milestone for India's presence at the championship. The international competition brings together chefs from across the world to showcase their interpretations of tapas, a traditional Spanish culinary format, and compete for the title of the World's Best Tapa. Taking with her Amdavad ni Kachori, an iconic preparation rooted in Gujarat's food culture, she will introduce a distinctive regional Indian speciality to an international audience.

Beyond the competition, Chef Aanal's representation carries a larger story of India's food identity reaching beyond its borders. Through Amdavad ni Kachori, she brings together six distinct expressions of Gujarat on a single plate, with Tuver Dal capturing the comfort of Gujarati home cooking, Kadhi representing tradition, Mango Chundo adding the region's signature sweet-and-sour balance, and Mint bringing freshness, all brought together through the soul of Indian street food. Conceptualised around the connection between Ahmedabad and Valladolid as sister cities, the dish reimagines a traditional Gujarati preparation in a contemporary tapas-style format, creating a bridge between local food traditions and international culinary expression.

Celebrating its tenth edition, the World Tapas Championship is a leading international competition that brings together 16 chefs from across five continents to compete for the title of the World's Best Tapa. Hosted at the Cúpula del Milenio in Valladolid, Spain, the 2026 edition will feature chefs from countries including Australia, Mexico, the United States, Thailand, South Korea, India and the United Kingdom, presenting their creations before an international jury of distinguished culinary experts. The championship celebrates culinary excellence, bringing together diverse food traditions, innovation and contemporary interpretations of tapas.

Speaking about her participation, Chef Aanal Kotak, Founder, The Secret Kitchen said "Representing India at the 10th World Tapas Championship is both a tremendous honour and a responsibility that I carry with immense pride. India has an extraordinary culinary legacy, with every region offering its own distinct flavours, techniques and stories. Through Amdavad ni Kachori, I want to take a piece of Gujarat's food culture to the world and showcase the depth and character of our regional cuisine. For me, this is not just about presenting a dish at an international competition; it is about giving Indian flavours a voice on a global platform and demonstrating that our culinary heritage has a place in conversations shaping the future of world gastronomy."

As the countdown to the championship begins, all eyes will be on Valladolid as Chef Aanal prepares to take on the international challenge. Her participation marks an exciting chapter in her culinary journey, with the opportunity to make a lasting impression on one of the world's most prominent culinary competitions. 

Gold's Long-Term Story Remains Strong: Motilal Oswal Financial Services Precious Metals Report

* Maintains Positive Outlook on Precious Metals; Sees Gold at $4,500–$4,700 in the Medium Term

Gold and silver markets have witnessed significant volatility in 2026 following an exceptional rally in the previous year, with global macroeconomic developments, shifting US monetary policy expectations and geopolitical uncertainties influencing price movements. According to the latest Precious Metals Quarterly report by Motilal Oswal Financial Services Ltd. (MOFSL), the long-term outlook for precious metals remains constructive despite near-term headwinds, with price corrections offering potential accumulation opportunities.

Titled 'Gold's Rally: Deferred, Not Derailed', the report highlights the contrasting price movements witnessed in precious metals during the year. Gold surged to a record level of nearly $5,600 per ounce in January 2026 before correcting below $4,000 and subsequently recovering. Silver, meanwhile, rallied beyond $100 per ounce before witnessing an even sharper correction. These movements were also reflected in domestic markets, with fluctuations in the USD/INR exchange rate adding to price volatility.

Unlike the largely one-directional rally witnessed in 2025, precious metals have experienced sharper swings in 2026, driven by changing expectations around US interest rates, persistent inflation, elevated bond yields and geopolitical developments.

Diwali and Dhanteras remain among India's most important occasions for precious-metal purchases, supported by traditional buying patterns, the wedding season and the cultural significance of gold and silver. However, historical trends indicate that festive demand has a stronger correlation with domestic premiums, imports and physical buying volumes than with international price movements.

Over the longer term, domestic Diwali gold prices have increased from approximately ₹30,000 in 2016 to nearly ₹1.50 lakh in 2026, reflecting the significant appreciation in gold prices over the past decade. Historical performance also indicates that gold has generally delivered stronger returns during the 30 days preceding Diwali compared with the subsequent 30 days. This trend was particularly pronounced in 2025, when gold gained nearly 20% and silver approximately 38% in the month leading up to the festival.

Despite elevated prices, investment demand has remained relatively resilient. Global gold ETF holdings increased by approximately 187 tonnes during August and September 2026, taking total holdings to a record 4,256 tonnes, while third-quarter inflows reached a record US$31 billion. In India, gold ETF inflows increased 71% month-on-month to ₹44.5 billion in September 2026, while silver ETFs attracted inflows of ₹19.7 billion. Meanwhile, Indian gold imports moderated to US$1.8 billion in September from US$2.3 billion in August, reflecting the impact of higher prices and measures to restrain bullion inflows.

Commenting on the factors influencing precious metals, Navneet Damani, Head of Research – Commodities, Motilal Oswal Financial Services Ltd., said:

"Gold continues to retain its importance as a defensive asset amid global economic and geopolitical uncertainties. However, its near-term trajectory will remain sensitive to the US Federal Reserve's monetary policy, inflation trends, movements in the US dollar and real bond yields. The 25-basis-point rate hike by the US Federal Reserve in September, taking the policy rate to 3.75%–4.00%, has reinforced concerns around tighter monetary conditions. At the same time, central-bank diversification, sustained investment demand and fiscal uncertainties continue to provide structural support to gold. In India, elevated prices have moderated discretionary jewellery demand, although wedding-related purchases and investment demand have remained relatively resilient."

Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd., added:

“Gold and silver are navigating a more complex market environment in 2026, with the interplay between safe-haven demand and macroeconomic headwinds driving heightened volatility. While elevated US Treasury yields and a stronger dollar have weighed on prices, underlying investment demand remains encouraging. Global gold ETF holdings have risen to record levels, with significant inflows during the third quarter, indicating that investor interest in gold remains resilient despite recent price corrections. Silver, on the other hand, offers greater upside potential but is accompanied by significantly higher price volatility."

Looking ahead, the direction of US real yields is expected to remain a key determinant of gold prices. While elevated yields and a stronger dollar could trigger near-term profit-taking and volatility, persistent inflation, fiscal concerns, geopolitical uncertainty and central-bank diversification could provide support to precious metals over the medium to long term.

Commenting on the outlook, Navneet Damani, Head of Research – Commodities and Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd jointly said:

"While near-term volatility cannot be ruled out, we believe the long-term investment case for precious metals remains intact. The next turning point for gold could emerge when real yields stop rising, particularly if persistent inflation, fiscal concerns or slowing economic growth begin to alter the monetary policy outlook. We continue to maintain a buy-on-dips approach towards gold, with an accumulation zone of $3,800–$3,900 per ounce, a short-term target of $4,200 and a medium-term target of $4,500–$4,700. In the domestic market, assuming USD/INR at 96, we see ₹1,35,000 as a favourable accumulation zone, with a short-term target of ₹1,48,000 and a medium-term target of ₹1,60,000–₹1,68,000. Silver offers greater upside leverage, but investors should remain mindful of its significantly higher volatility. Overall, rather than chasing price momentum, we believe investors should focus on disciplined accumulation during corrections, keeping in mind the role of precious metals in wealth preservation and portfolio diversification."

Against this backdrop, gold continues to maintain its appeal as a relatively defensive asset, while silver offers greater upside potential but carries a higher degree of volatility. As global macroeconomic conditions, monetary policy expectations and geopolitical developments continue to shape the precious metals market, investors may consider a disciplined accumulation strategy during price corrections rather than chasing short-term momentum.

About Motilal Oswal Financial Services Ltd.

Motilal Oswal Financial Services Limited (MOFSL) is the largest integrated capital market player in India, with strong and rising rankings across its businesses, each of which still offers a long growth runway. Rising wealth, to over USD 100 Tn, and the financialisation of savings are powerful tailwinds, and MOFSL is widening its presence by entering promising adjacencies in each of its businesses.

Student Satellite And Rocket Launches Rise Sharply At IN-SPACE National Competitions In Kushinagar

* 76 teams launch 43 CanSats and 18 model rockets, up from 24 and 13 last year; Dr. M.G.R. Educational and Research Institute wins CAN-7USAT India Student Competition, while Nirma University tops model rocketry

Student teams from across India launched 43 CanSats and 18 model rockets at the IN-SPACe national student space competitions, which concluded today in Kushinagar.

The four-day event, held from 31 October to 3 November 2026, hosted the 3rd CAN-7USAT India Student Competition and the 2nd National Model Rocketry India Student Competition, also know as IN-SPACe Narayani Rocketry Cup 2026. 76 teams designed, built and tested their own hardware, which was evaluated by expert committees drawn from the Indian Space Research Organisation (ISRO), the Defence Research and Development Organisation (DRDO), IN-SPACe, industry and academia.

Holding the competitions in Kushinagar took national-level space engineering to a largely rural district in eastern Uttar Pradesh.

Speaking at the event Shri Shashank Mani Tripathi said, “Technology must ultimately serve the common people. Competitions in rural regions give students an opportunity to understand real-world challenges while bringing scientific innovation closer to communities. We aspire to establish a permanent space experimentation centre in the region, enabling young people to participate in rocketry and other scientific activities throughout the year. India’s youth must translate their knowledge into innovation, entrepreneurship and nation-building.”

Dr. Pawan Goenka, Chairman, IN-SPACe, said, “Every CanSat and rocket that flew this week was designed, built and tested by students, and that hands-on experience is exactly what India’s space industry needs from its next generation of engineers. As private companies take on a larger role in India’s space programme, the demand for people who have built and flown real hardware will only grow. Holding these competitions in Kushinagar also shows that talent for the space sector exists well beyond our metros, and IN-SPACe will keep creating opportunities for it to be discovered.”

The student-built CanSats are the size of a 7U satellite bus, allowing teams to accommodate maximum payloads as well as Guidance, Navigation and Control (GNC) systems. The CanSats carried sensors to record parameters such as temperature and atmospheric pressure during flight. Some teams added cameras to capture images and video of the terrain and designated landing zones, and tested applications such as vegetation monitoring.

In the Model Rocketry competition, 18 student-built rockets were launched. Teams were judged on the design, development and testing of their rockets, with an emphasis on innovation, precision and system performance.

Dr. Vinod Kumar, Director, Promotion Directorate, IN-SPACe, said, “The dedication and year-long efforts of the students have resulted in a successful edition, with 43 CanSat launches and 18 model rocket flights, surpassing last year’s figures of 24 CanSats and 13 rockets. These competitions provide valuable opportunities for students to test their capabilities, learn through practical experience and contribute to India’s growing space ecosystem.”

Dr. M.G.R. Educational and Research Institute, Chennai, won the 3rd CAN-7USAT India Student Competition, with C.V. Raman Global University, Bhubaneswar, placing second and BMS College of Engineering, Bengaluru, third. Central University, Jammu, received the Best Team Award and BITS Pilani – Hyderabad Campus the Best Design Award.

In the 2nd National Model Rocketry India Student Competition, the IN-SPACe Narayani Rocketry Cup 2026, Nirma University, Ahmedabad, took first place, followed by Karunya Institute of Technology and Sciences, Coimbatore, and Delhi Technological University, Delhi. Dwarkadas J. Sanghvi College of Engineering, Mumbai, won the Best Team Award and Pimpri Chinchwad College of Engineering, Pune, the Best Design Award.

The first-placed teams in both competitions each received a cash prize of ₹10,000, supported by EV Society Bengaluru, with iTelematics Software Private Limited as industry partner. 

CE Info Systems - Map-Led Business Recovering, H2 Appears Better Than H1; Maintain BUY

CE Info Systems (MapMyIndia) revenue grew by ~15.8% y/y in Q2FY27 to ~Rs1.3bn (in line with our estimate and ~4% lower than street estimates. Map-led business grew by 22.3% y/y to ~Rs767mn (~58.2% of revenue) with ~41.6% margin (vs. ~35.4% in Q2FY26). IoT-led business grew ~7.83% y/y to ~Rs551m (~41.8% of revenue) with ~23.8% margin (vs. ~11.5% in Q2FY26). EBITDA grew 60% y/y to ~Rs450mn with EBITDA margin expanding by ~943 bps y/y to ~34.1% vs. ~24.7% in Q2FY26 (broadly in line with street estimates), due to higher contribution from Automotive and Enterprise. The management expects better H2, due to low YoY base and strong order execution, keeping the margin guidance at >35% for FY27e (vs. ~37.2% margin in H1). Broadly, maintaining our estimates, we reiterate BUY rating on the stock with an unrevised TP of Rs1,500, valuing it at 40x FY28e earnings.

Segmental Performance: Automotive segment grew ~52% to ~Rs 13m (~54.1% of revenue), driven by momentum across both Map-led and IoT-led mobility solutions. Enterprise segment grew ~44.1% to ~Rs330mn (~25% of revenue), supported by multiple wins and go-lives across sub-verticals. Government segment declined by ~37.5% to ~Rs275mn (~20.9% of revenue) due to one-off revenue win last year. Cash & Equivalent stood at ~Rs7.3mn as of Q2FY27 vs. (Rs7.45bn in Q1FY27 and Rs6.85bn in FY26). FCF stood at ~Rs497.8mn in H1FY27 vs. Rs277.1mn in H1FY26.

IoT Biz Growing Strong with Margin Expansion: In FY26, IoT business grew by ~34.7% y/y to ~Rs1.59bn, led by ~66% y/y growth in SaaS revenue, whereas hardware sales fell by ~2% y/y with margin improving to ~16% in FY26 from 14.3% in FY25. In H1FY27, IoT business grew by ~29.1% y/y, led by ~2.7x y/y growth in hardware business, primarily reflecting capex-based sale as part of a line-fit programme with a new OEM entrant. SaaS revenue declined by ~26% y/y due to transition of a large government IoT project, which had generated upfront technical services revenue to a recurring subscription model. EBITDA margin also improved to ~19.2% from 10.6% in H1FY26, due to better margin solutions across hardware and SaaS.

Strong Order Book Provides Revenue Visibility: The company ended FY26 with a record open order book of ~Rs17.5bn (up ~17% y/y), and a healthy order pipeline. The primary challenge now is execution and revenue conversion rather than generating new business. The mix of fixed-price contracts (~64.9% of total order book) continues to rise, improving revenue visibility and reducing dependence on customer production volume, which should result in more earnings predictability over the long-term.

Outlook and Valuation: As strong open order book provides revenue visibility for forward years, we expect the company’s revenue to clock ~21.1% CAGR over FY26-28e, with ~23.5/22% CAGR in EBITDA/PAT over the same period. We maintain BUY rating on the stock with an unrevised TP of Rs1,500, valuing it at 40x FY28e earnings.

Key Risks: (a) Pricing pressure from large global mappers; (b) non-renewal of OEM contracts; and (c) slower execution.

Gold's Rally Takes A Pause, But The Long-Term Story Remains Strong: Motilal Oswal Financial Services Precious Metals Report

* Maintains Positive Outlook on Precious Metals; Sees Gold at 4,500–4,700 in the Medium Term

Gold and silver markets have witnessed significant volatility in 2026 following an exceptional rally in the previous year, with global macroeconomic developments, shifting US monetary policy expectations and geopolitical uncertainties influencing price movements. According to the latest Precious Metals Quarterly report by Motilal Oswal Financial Services Ltd. (MOFSL), the long-term outlook for precious metals remains constructive despite near-term headwinds, with price corrections offering potential accumulation opportunities.

Titled 'Gold's Rally: Deferred, Not Derailed', the report highlights the contrasting price movements witnessed in precious metals during the year. Gold surged to a record level of nearly $5,600 per ounce in January 2026 before correcting below $4,000 and subsequently recovering. Silver, meanwhile, rallied beyond $100 per ounce before witnessing an even sharper correction. These movements were also reflected in domestic markets, with fluctuations in the USD/INR exchange rate adding to price volatility.

Unlike the largely one-directional rally witnessed in 2025, precious metals have experienced sharper swings in 2026, driven by changing expectations around US interest rates, persistent inflation, elevated bond yields and geopolitical developments.

Diwali and Dhanteras remain among India's most important occasions for precious-metal purchases, supported by traditional buying patterns, the wedding season and the cultural significance of gold and silver. However, historical trends indicate that festive demand has a stronger correlation with domestic premiums, imports and physical buying volumes than with international price movements.

Over the longer term, domestic Diwali gold prices have increased from approximately ₹30,000 in 2016 to nearly ₹1.50 lakh in 2026, reflecting the significant appreciation in gold prices over the past decade. Historical performance also indicates that gold has generally delivered stronger returns during the 30 days preceding Diwali compared with the subsequent 30 days. This trend was particularly pronounced in 2025, when gold gained nearly 20% and silver approximately 38% in the month leading up to the festival.

Despite elevated prices, investment demand has remained relatively resilient. Global gold ETF holdings increased by approximately 187 tonnes during August and September 2026, taking total holdings to a record 4,256 tonnes, while third-quarter inflows reached a record US31billion.InIndia,goldETFinflowsincreased71%month-on-monthto₹44.5billioninSeptember2026,whilesilverETFsattractedinflowsof₹19.7billion.Meanwhile,IndiangoldimportsmoderatedtoUS1.8 billion in September from US$2.3 billion in August, reflecting the impact of higher prices and measures to restrain bullion inflows.

Commenting on the factors influencing precious metals, Navneet Damani, Head of Research – Commodities, Motilal Oswal Financial Services Ltd., said:

"Gold continues to retain its importance as a defensive asset amid global economic and geopolitical uncertainties. However, its near-term trajectory will remain sensitive to the US Federal Reserve's monetary policy, inflation trends, movements in the US dollar and real bond yields. The 25-basis-point rate hike by the US Federal Reserve in September, taking the policy rate to 3.75%–4.00%, has reinforced concerns around tighter monetary conditions. At the same time, central-bank diversification, sustained investment demand and fiscal uncertainties continue to provide structural support to gold. In India, elevated prices have moderated discretionary jewellery demand, although wedding-related purchases and investment demand have remained relatively resilient."

Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd., added:

“Gold and silver are navigating a more complex market environment in 2026, with the interplay between safe-haven demand and macroeconomic headwinds driving heightened volatility. While elevated US Treasury yields and a stronger dollar have weighed on prices, underlying investment demand remains encouraging. Global gold ETF holdings have risen to record levels, with significant inflows during the third quarter, indicating that investor interest in gold remains resilient despite recent price corrections. Silver, on the other hand, offers greater upside potential but is accompanied by significantly higher price volatility."

Looking ahead, the direction of US real yields is expected to remain a key determinant of gold prices. While elevated yields and a stronger dollar could trigger near-term profit-taking and volatility, persistent inflation, fiscal concerns, geopolitical uncertainty and central-bank diversification could provide support to precious metals over the medium to long term.

Commenting on the outlook, Navneet Damani, Head of Research – Commodities and Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd jointly said:

"While near-term volatility cannot be ruled out, we believe the long-term investment case for precious metals remains intact. The next turning point for gold could emerge when real yields stop rising, particularly if persistent inflation, fiscal concerns or slowing economic growth begin to alter the monetary policy outlook. We continue to maintain a buy-on-dips approach towards gold, with an accumulation zone of 3,800–3,900 per ounce, a short-term target of $4,200 and a medium-term target of 4,500–4,700. In the domestic market, assuming USD/INR at 96, we see ₹1,35,000 as a favourable accumulation zone, with a short-term target of ₹1,48,000 and a medium-term target of ₹1,60,000–₹1,68,000. Silver offers greater upside leverage, but investors should remain mindful of its significantly higher volatility. Overall, rather than chasing price momentum, we believe investors should focus on disciplined accumulation during corrections, keeping in mind the role of precious metals in wealth preservation and portfolio diversification."

Against this backdrop, gold continues to maintain its appeal as a relatively defensive asset, while silver offers greater upside potential but carries a higher degree of volatility. As global macroeconomic conditions, monetary policy expectations and geopolitical developments continue to shape the precious metals market, investors may consider a disciplined accumulation strategy during price corrections rather than chasing short-term momentum.

About Motilal Oswal Financial Services Ltd.

Motilal Oswal Financial Services Limited (MOFSL) is the largest integrated capital market player in India, with strong and rising rankings across its businesses, each of which still offers a long growth runway. Rising wealth, to over USD 100 Tn, and the financialisation of savings are powerful tailwinds, and MOFSL is widening its presence by entering promising adjacencies in each of its businesses.