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Gold, Silver extend retreat as stronger dollar pressures bullion

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Precious metals extended their retreat for a second consecutive week as a firmer U.S. dollar and fading expectations of near-term interest-rate cuts from the Federal Reserve weighed on investor appetite for bullion.

In India, gold futures on the Multi Commodity Exchange settled below the ₹1.60-lakh mark per 10 grams at the close of trading on March 14,  silver futures declined about 1% for the day, reflecting persistent selling pressure across the metals complex.

Global markets echoed the weakness. Spot gold slipped more than 1%, struggling to hold above $5,050 an ounce, while spot silver tumbled roughly 4% to trade near $80.50 an ounce.

The pullback comes as the strengthening dollar reduces the appeal of dollar-denominated commodities. At the same time, investors are recalibrating expectations that the Federal Reserve will move quickly to ease monetary policy, diminishing one of the key catalysts that had propelled bullion prices higher earlier this year.

Together, the firmer currency and shifting rate outlook have triggered broad profit-taking in precious metals, pushing both gold and silver to their second straight weekly decline.

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National News

GST Seminar Successfully Conducted by MWGJA for Jewellery Industry

Industry-Focused GST Session sees Strong Participation, Offering Practical Insights On Compliance, Taxation, and Operational Challenges

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The Mumbai Wholesale Gold Jewellers Association (MWGJA) successfully organised a highly informative GST seminar aimed at empowering the jewellery industry with practical knowledge and clarity on GST compliance on 23/04/26 at MP School.

The seminar, themed “Empowering the Industry with Knowledge – Learning, Growing, Leading,” witnessed an excellent response from jewellers and industry stakeholders across Mumbai.

The event was graced by distinguished dignitaries from the CGST Department, including:

  • R. S. Maheshwari – Principal Commissioner, CGST Mumbai 
  • Rajan Mishra – Assistant Commissioner, CGST Mumbai 
  • Danish Akhtar – Superintendent, CGST Mumbai 
  • Sanyam Johari – Inspector, CGST Mumbai 

Their valuable insights and practical guidance provided clarity on key GST issues faced by jewellers in their day-to-day operations.

Key topics covered during the seminar included labour charges (5% vs 18%), delivery challan rules and compliance, interstate movement of goods for sales and exhibitions, and common errors leading to notices, penalties, and input tax credit (ITC) blockage.

The session focused on real-world challenges and offered practical solutions, making it highly beneficial for attendees. The interactive Q&A session enabled participants to directly engage with the officers and resolve their queries.

The association’s office bearers, including President Mahesh Bafna, Secretary Shreyans Kothari, Vice Presidents Sandip Kothari and Dinesh Kothari, Treasurer Kamal Kothari, Past President Prakash Jain, Past Secretary Anil Pamecha, and Committee Member Nitesh Dhakad, played an active role in organising and successfully executing the seminar.

The event also received valuable support from leading industry bodies, including All India Gem and Jewellery Domestic Council (GJF), India Bullion and Jewellers Association (IBJA), Jewellers Youth Forum (JYF), Dagina Bazar Association, and Sarafa Welfare Association, further strengthening the impact and reach of the seminar.

The Association expressed sincere gratitude to the honourable chief guests, supporting associations, and all participants for contributing to the success of the seminar. It reaffirmed its commitment to continue organising such knowledge-driven initiatives for the benefit of the jewellery community.

The seminar concluded on a positive and impactful note, reinforcing the importance of awareness, compliance, and continuous learning in today’s evolving GST framework.

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