Gold Slips on Profit Booking; Silver Soars to Record Highs Amid Supply Crunch

• Gold prices fell 0.4% to $4,535.50 per troy ounce due to profit booking after a recent rally, with volatility expected ahead of US Federal Reserve minutes.
• Silver surged 3% to $79.87 per ounce, reaching all-time highs and gaining over 160% this year, driven by severe supply stress.
• Motilal Oswal Financial Services Ltd.'s report highlights silver's "structural shift" due to prolonged physical supply deficits, declining inventories, and robust demand.
• Global silver inventories, including COMEX and Shanghai, are at decade-lows, indicating a worldwide shortage of deliverable metal.
• Proposed export licensing from January 2026 and China's role as a net importer are expected to further tighten global silver supply.

Why It Matters: Gold dips on profit booking, while silver's record rally continues due to critical supply shortages.