COMEX gold scaled a fresh all-time high of $5,111 per ounce on Tuesday before settling near $5,067, driven by sustained safe-haven demand and central bank buying. Silver jumped to $117.75, marking its own record peak, as geopolitical tensions and US-South Korea tariff threats intensified.

On the Multi Commodity Exchange (MCX), gold rose over 1 per cent to approach ₹1.60 lakh per 10 grams, while silver surged approximately 6 per cent to trade above ₹3.5 lakh per kilogram. Both metals are trading well above their key moving averages, confirming the strength of the current bull run.

“Precious metals are firmly back in the spotlight,” said Aamir Makda, Commodity & Currency Analyst at Choice Broking. He attributed the rally to aggressive accumulation by central banks in China and Poland, along with safe-haven flows triggered by escalating US tariff threats against South Korea, which jumped from 15 per cent to 25 per cent.

ASK Private Wealth recently upgraded gold to overweight from neutral in its Quarterly Investment Policy Committee report titled “Playing with uncertainty?”, citing policy uncertainties and strong buying from central banks and consumers in China and India.

Market analysts flag technical concerns despite the bullish momentum. The Relative Strength Index (RSI) has entered overbought territory across multiple timeframes, with a daily RSI divergence appearing—typically a warning sign for long positions. However, structural support remains robust, with gold’s $5,000 level now acting as strong support and silver’s industrial demand from solar, electric vehicles and AI sectors providing fundamental backing.

Ponmudi R, CEO of Enrich Money, noted that USD/INR stability in the 91.50-91.93 zone has aided domestic gold strength. Justin Khoo, Senior Market Analyst at VT Markets, said the weak US dollar and ongoing risk aversion continue to support precious metals as portfolio hedges amid macro uncertainties.

Published on January 27, 2026

IndusInd Bank Q3FY26 Concall Update

(Nirmal Bang Retail Research)

# Management reiterated a medium-term ROA target of ~1%, to be driven by a lower cost of funds via higher retail deposits, a shift toward higher-yielding assets (vehicle finance, MFI, SME), growth in fee income, cost efficiencies, and lower credit costs.

# Management outlined a gradual growth strategy, with FY26–FY27 growth broadly in line with the industry, market-share gains in FY27–FY28, and dominance in select focus segments by FY28–FY29.

Outlook: Neutral

Key Financial Highlights: 

* Advances declined 13% YoY and 2.6% QoQ, driven by runoff in microfinance loans and selective trimming in wholesale banking. Deposits were down 1% QoQ, entirely due to a reduction in bulk deposits. 

* NIM came in at 3.52% (vs 3.32% QoQ), including a 17 bps benefit from interest on income-tax refunds and a one-off interest recovery; normalized NIM stood at 3.35%. Margin improvement was led by a declining cost of funds from term-deposit repricing, partly offset by an adverse loan mix due to further microfinance book degrowth. 

* Opex came at Rs. 3,999 cr, including a one-off Rs. 230 cr impact from labor code implementation. 

* Gross NPA was 3.56% and Net NPA 1.04%; management aims to bring Net NPA below 1% over time (targeting the 60–70 bps range), though no fixed timeline was provided.

* PCR stood at 72% and is expected to rebuild gradually as slippages normalize and write-offs decline gradually. LCR came at 122%.

Business Segment Performance:

Vehicle Finance reported disbursements of Rs. 12,900 cr (+26% QoQ) and a loan book of Rs. 98,196 cr (+2% QoQ), driven by MHCVs, tractors, and passenger vehicles. Asset quality has improved YoY, with FY26 slippages expected to be better than FY25; management expects a supportive demand environment aided by fiscal and policy measures.

Microfinance (BFIL) disbursements were Rs. 3,598 cr, while the book declined to Rs. 17,669 cr (–17% QoQ) due to contractual run-off. CGFMU guarantee coverage is expected to rise to ~38% of the standard book. 31–90 DPD in MFI declined to 2.4% in Dec’25 (vs 3.2% in Sep’25). 

Consumer Banking (Retail Assets) reported total assets of Rs. 31,057 cr (+18% YoY), led by strong growth in home loans at Rs. 6,114 cr (+94% YoY; +10% QoQ). Personal loans were stable at Rs. 10,598 cr (+12% YoY), while credit card loans declined to Rs. 10,264 cr (–6% YoY), with spends of Rs. 16,318 cr.

Rural & Priority Banking saw merchant loans rise to Rs. 7,338 cr (+16% YoY; 5.79 lakh borrowers), affordable housing loans increase to Rs. 2,692 cr (+25% YoY), and Kisan Credit and other rural loans remain stable QoQ at Rs. 4,267 cr. The segment continues to diversify beyond MFI while supporting PSL obligations.

SME Banking reported a portfolio of Rs. 43,957 cr. 

Wholesale Banking loans declined 5% QoQ, while portfolio quality remained healthy, with 82% of customers rated A-and-above.

* Management indicated no immediate need for growth capital over the next 12–18 months. The expected transition to the ECL framework is estimated to impact ~1.5%–1.7% of the loan book (pre-tax).