Brent crude spot prices surged 60.4% during Samvat 2082, closing at $97.7 per barrel on Friday evening. According to reports from Business Standard, crude oil prices had a relatively subdued start to the Samvat before rallying sharply following the escalation of the US-Iran conflict on February 28. During the year, Brent crude spot prices closed at a high of $113.6 per barrel on May 4, demonstrating the dramatic volatility in energy markets. The surge was primarily driven by rising geopolitical tensions and supply disruption concerns that emerged during the conflict period.
Gold and silver declined 6.6% and 0.8% respectively in dollar terms during Samvat 2082, as reported by Business Standard. However, domestic investors in India saw positive returns in precious metals. Gold gained 10.8% to ₹140,886 per 10 grams (around ₹1.4 lakh), while silver rose 12.2% to ₹182,868 per kg (around ₹1.82 lakh). These gains were supported by the depreciation of the Indian rupee, which cushioned domestic investors from international price corrections. Gold ended the Samvat at $4,070 per ounce, nearly 25% below its January peak of $5,417.2 per ounce, while silver closed at $52 per ounce, more than 55% below its record closing high of $116.7 per ounce.
According to Anindya Banerjee, head of commodity and currency research at Kotak Neo, as reported by Business Standard, "The year gone by has been particularly volatile for commodities. At the start of Samvat, gold and silver were on an upward trajectory, supported by expectations of lower US interest rates. However, as crude oil prices surged following escalation of the US-Iran conflict, both precious metals came under pressure." Banerjee added that higher oil prices and the resulting inflationary pressures had contributed to an interest rate hike cycle in the US and India, weighing on precious metals. The volatility was further compounded by geopolitical tensions, supply disruption concerns, and shifting interest rate expectations across global markets.
Despite the correction in international prices, domestic gold and silver returns remained positive due to several supporting factors, according to Business Standard reports. A weaker rupee and import duties cushioned Indian investors, while central bank purchases and exchange-traded fund (ETF) inflows also kept dips shallow. Narvekar noted that during the volatile year, gold and silver surged into January, with geopolitical tensions, higher oil prices, inflationary concerns, Fed rate hikes, higher yields and a firm dollar then reversing the move. The domestic market resilience was particularly notable given the significant international price corrections experienced during the year.
