National News
Gold prices touch Rs 1 lakh/10 gm mark: AUGMONT BULLION REPORT
Gold prices reached a record high of $3397 (~Rs 96747) on exchanges and nearly Rs 1 lakh in the spot market after adding 3% GST. Concerns over global economic growth as a result of the escalating Sino-U.S. trade war are driving the rise, with a weaker dollar adding to the momentum.
Fundamentally, markets are pricing in increased geopolitical risks, fueled by U.S. trade tensions and stagflation concerns, while persistent central bank demand adds to price pressures. On April 2, US President Donald Trump imposed “reciprocal tariffs” on dozens of countries, and while his administration has suspended duties for some, it has escalated its trade war with China.
China cautioned countries on Monday not to strike a bigger economic deal with the United States at its expense, a move Trump is allegedly looking for from countries seeking tariff reductions or exemptions. Meanwhile, Trump launched a slew of attacks on Federal Reserve Chairman Jerome Powell on Thursday, as his administration considers firing him.
On the geopolitical front, Russia and Ukraine accused one other of hundreds of strikes that breached President Vladimir Putin’s one-day Easter ceasefire, with the Kremlin claiming there was no instruction to extend the pause in frontline fighting.
The next potential milestone for gold could be around $3500 (~Rs 100,000) if this rally continues further, but positioning may appear crowded in the short run, and technical indications suggest near-term overbought circumstances. However, one must exercise extreme caution because prices have skyrocketed in a relatively short period. If prices fall below $3300 (~Rs 94300), profit-booking can lower prices to around $3100 (~Rs 90000). Silver prices have been trading in the range of $32 (~ Rs 94000) and $33 (~ Rs 97000) and to to continue same range in the coming week
National News
MCX Gold Surges Past Rs 1.50 Lakh, Rally Builds On Optimism Over Potential Middle East Truce Talks
Rally Signals A Cautious But Firm Upward Trend In Global Markets.
On April 1, 2026, India’s Multi-Commodity Exchange (MCX) witnessed a notable uptick in gold futures, with prices climbing 1.02% to Rs.1,52,298 per 10 grams for 24-carat purity, surpassing the Rs.1.50 lakh threshold. Silver followed suit, edging up 0.35% to Rs.2,41,736 per kilogram for 999 purity. Internationally, spot gold advanced 0.58% to $4,674 per ounce, while silver dipped marginally by 0.17% to $74.79 per ounce. These movements reflect a market gripped by caution, as investors parse the interplay of escalating crude oil prices, a resilient U.S. dollar, and constrained energy supplies—counterbalanced by tentative signals of de-escalation in West Asia from U.S. and Iranian diplomatic channels.
This gold rally builds on Tuesday’s gains, fueled by optimism over potential Middle East truce talks. Yet, the broader narrative reveals underlying pressures: bullion has plummeted over 13% this month alone, charting its sharpest monthly decline since October 2008. A fortified dollar has eroded affordability for non-U.S. currency holders, while surging energy costs have eroded prospects for U.S. Federal Reserve rate cuts in 2026, dampening safe-haven demand. The dollar’s slight easing offers some relief, rendering dollar-denominated commodities more accessible globally. Quarterly, gold remains modestly ahead by about 5%, underscoring its resilience as a hedge despite short-term headwinds.
For stakeholders in India’s gems and jewellery sector—particularly MSMEs reliant on precious metals imports—these dynamics demand a vigilant strategy. A stronger rupee against the dollar could mitigate input costs, but persistent West Asian volatility risks supply chain disruptions and inflated hedging expenses.
Domestic fabricators and exporters should monitor Iran-U.S. negotiations closely, as de-escalation could stabilize crude benchmarks and revive rate-cut hopes, potentially lifting silver’s industrial demand in electronics and solar applications. Forward contracts on MCX and diversified portfolios blending physical bullion with digital gold alternatives emerge as prudent tactics. As energy transitions reshape global trade, precious metals’ dual role as both barometer and bulwark positions them centrally in the evolving jewellery market landscape.
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