Where are gold prices headed in 2025? In this excerpt from Business Today TV's special show on gold investing, Vandana Bharti, Head - Commodity Research, SMC Global, shares her insights. She highlights the current 'gold rush' and the competition between virtual and physical gold, noting the movement of gold from Hong Kong to the US and the premium being added. Following the gold rush, she observes a 'silver rush' also taking place. Vandana Bharti attributes these trends to ongoing tariff wars and anticipates that gold prices could reach ₹92,000 to ₹95,000 per 10 grams in 2025. She factors in a projected 2.5% depreciation of the Indian Rupee (INR) and the premium added by Indian refineries. Additionally, she suggests that if the Federal Reserve implements more than two rate cuts in 2025, gold prices could potentially exceed these levels. Her analysis underscores the impact of global economic factors and currency fluctuations on the future trajectory of gold prices.