<h1>Gold hits record highs as physical, ETF and central bank buying fuel rally; silver slips after short squeeze</h1> Gold prices hit record highs domestically and internationally, with local benchmarks rising by Rs 1,000 to new peaks per 10 grams amid strong retail and jewellery demand during the festive season; silver fell from recent highs. Market participants attributed the rally to increased physical and ETF buying, central bank/reserve purchases by emerging markets, geopolitical tensions, and expectations of monetary easing. Analysts also cited a historic short squeeze and tightened London market liquidity for silver. No regulatory actions or legal disputes were reported in the report, though heightened volatility and short squeeze dynamics may attract supervisory scrutiny.