Gold, Silver, and Market Drivers: Global and Domestic Updates
The MCX saw gold dip a bit. Just 0.12 per cent. It settled at Rs 1,59,815 for the June 5 contracts. Silver followed suit, dropping 0.53 per cent. That’s Rs 2,72,800 per kilo.
But the international scene was moving differently. Spot gold was down 0.2%. That’s $4,534.69 an ounce, as of 0258 GMT. Bullion actually managed a bump, gaining over a percent, even though it was already slipping. It hit a low point since March 30 earlier that day. US gold futures for June delivery held steady at $4,536.70.
Meanwhile, things were happening over there with the Middle East. President Trump was talking about Iran. He said negotiations were nearly done, but he warned there could still be attacks unless Iran aGreed to something. Washington could wait a few days to get the answers.
That comment seemed to shift the mood. Sentiment improved a little, I guess. Kelvin Wong, a market analyst at OANDA, noted that both the US and Iran seemed to be nearing a peace deal.
Still, the bigger picture felt heavy. The 10-year US Treasury yield trend since early March is still climbing. That means the opportunity cost of holding gold—which doesn't pay interest—is increasing. Gold has shed over fourteen percent since the Iran conflict kicked off in late February. All that oil price pressure just keeps inflation risks high and makes people fear rates staying elevated for much longer. Gold really likes low interest rates, you see.
Markets are bracing for the Fed. Everyone is pricing in the possibility that the Federal Reserve will tighten monetary policy this year. The CME Group’s FedWatch tool shows a thirty-nine percent chance of a twenty-five basis-point hike in December.
Back home, there was a different angle. Last week, PM Modi appealed to people not to buy gold for a year. He wanted to save forex reserves.
That led to some government action. On Wednesday, they hiked the import duty on both gold and silver to fifteen per cent. They were trying to choke off non-essential imports amid the West Asia crisis, which puts serious strain on foreign exchange reserves.
This change was official. Effective May 13th, the import duty on gold and silver jumped from six per cent to fifteen per cent. Platinum followed suit, going from six point four per cent up to fifteen point four per cent. Other things got tweaked too—gold/silver dore, coins, findings, all that sort of stuff.
Then there was the silver import rules. On May 16th, the Centre tightened things up. They changed the import status for certain silver bars from “Free” to “Restricted,” right away. This move came up because of worries about India’s import bill, pressure on the rupee, and all that global uncertainty from the West Asia mess.
The Directorate General of Foreign Trade, DGFT, actually issued a notification on Saturday. They amended the import policy for certain silver categories under the HS 2022 schedule.
Specifically, silver bars—the ones with ninety-nine point nine per cent or more silver by weight, or the ‘Bar—Other’ types—which used to be freely importable under RBI rules, are now classified as “Restricted.” Some silver imports also got brought under Reserve Bank of India regulations.
It all circles back to India, doesn't it? International rates, the duties, the taxes, all those exchange rate swings—they really drive the daily gold rates across the country.
Gold here isn't just a commodity. It’s deeply cultural. It’s an investment choice, and it’s central to big celebrations, weddings, festivals.
With all this shifting around, investors and traders are watching every twitch. Staying updated is just absolutely crucial for figuring out what’s happening in these moving trends.
Written by Gree News Team — Senior Editorial Board
Gree News Team covers international news and global affairs at Gree News. Our collective of senior editors is dedicated to providing independent, accurate, and responsible journalism for a global audience.
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