National News
Gold discounts in India widened this week to their highest point in nearly eight months
Gold discounts in India widened this week to their highest point in nearly eight months, as a surge in prices to a record high dampened demand, while customers in other key hubs also remained on the sidelines. Indian dealers this week offered a discount of up to $39 an ounce over official domestic prices, including 6 per cent import and 3 per cent sales levies, up from a discount of $10 to $21 last week.
Indian dealers this week offered a discount of up to $39 an ounce over official domestic prices, including 6% import and 3% sales levies, up from a discount of $10 to $21 last week.
“Jewellers are not keen on building high-cost inventory at the end of the financial year, as they are busy closing accounts,” said a Mumbai-based dealer with a bullion-importing bank. India’s financial year runs from April until March 31.
India’s gold imports are set to tumble 85% in February from year-ago levels, reaching their lowest levels in 20 years, as demand is dampened by record-high bullion prices.
In China, the world’s largest consumer, gold traded at a discount of $1 to an $18 premium over spot prices. Meanwhile, dealers in Hong Kong charged premiums ranging from par to $2 per ounce.In Japan, bullion was sold between a discount of $3 and a premium of $0.5, a trader said. In Singapore, gold traded between a $0.50 discount and a $3 premium
National News
MCX Gold, Silver Decline as US-Iran Talks Fail
Dip Marks a Near One-Week Low for Gold, Which Had Moved Towards Record Territory as the “Safe-Haven” Asset
On the MCX, gold futures slid below the psychologically significant threshold of Rs. 1.52 lakh per 10 grams, erasing a portion of the gains made during a brief window of optimism. Silver, often more volatile than its yellow counterpart, saw a more pronounced retreat, with prices slipping 2 percent to trade near Rs. 2.40 lakh per kilogram. Gold prices in the international market fell to a near one-week low. Spot gold price declined 1.1% to $4,694.30 per ounce, its lowest level since April 7. US gold futures for June delivery fell 1.4% to $4,717.80 an ounce. Spot silver fell 1.9% to $74.45 per ounce.
The glimmer of a diplomatic breakthrough in the Middle East faded on Monday, sending shockwaves through global commodity markets as gold and silver prices tumbled from recent highs. The reversal followed the collapse of weekend peace talks in Islamabad. Negotiators had hoped to formalize a ceasefire between the United States and Iran, a move that would have de-escalated a conflict that has defined the first quarter of 2026. Instead, the failure of the dialogue has re-ignited fears of a prolonged blockade in the Strait of Hormuz, sending crude oil prices higher and forcing investors to recalibrate their portfolios.
- MCX Price Drop: Gold futures fell below the critical Rs. 1.52 lakh per 10 grams mark, while Silver saw a sharper 2% decline, trading near Rs. 2.40 lakh per kg.
- International Benchmarks: Spot gold hit a one-week low of $4,694.30 per ounce, marking a 1.1% dip, while spot silver dropped 1.9% to $74.45.
- Diplomatic Deadlock: The failure of weekend negotiations in Islamabad has reignited fears of a prolonged conflict and a potential blockade of the Strait of Hormuz.
- The Dollar Factor: A surging U.S. dollar, bolstered by its “safe-haven” status, has made gold more expensive for international buyers, further dampening global demand.
- Inflationary Pressure: Rising energy costs and the prospect of sticky inflation are leading traders to believe the Federal Reserve will maintain higher interest rates for longer.
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