<h1>Gold and silver hit record highs as Fed rate cut bets, strong demand and ETF inflows push prices sharply higher</h1> National wholesale gold and silver prices reached record highs, with gold at Rs 1,13,800 per 10 grams and silver at Rs 1,32,000 per kilogram, driven by strong global demand and market expectations of imminent US Federal Reserve rate cuts. Both metals have risen sharply year-to-date-gold about 44% and silver about 47%-supported by physical and investment demand, ETF inflows, and positive industrial metals trends. Market commentators attribute the rally to softer US macro data, tariff and de-dollarisation concerns, and potential geopolitical risks, while noting that near-term safe-haven demand may be tempered by risk appetite; investors are advised to monitor Fed communications, labour data, and political developments for impact on rates and volatility.