International News
Gold, Silver Rebound Slightly Amid Softening Dollar and Geopolitical Caution
The Modest Rally Is Driven By A Softening US Dollar, Though Trading Remains Heavily Cautious As Market Participants Keep A Close Eye On Volatile US-Iran Peace Negotiations
Domestic and international bullion prices ticked upward on Wednesday morning, recovering from Tuesday’s sharp losses. The modest rally is driven by a softening US dollar, though trading remains heavily cautious as market participants keep a close eye on volatile US-Iran peace negotiations and critical upcoming US economic data.
- MCX Gold Futures (June 2026):Â Up Rs. 215 to Rs.1,57,898 per 10 grams. MCX Silver Futures (July 2026):Â Up Rs. 2,000 (0.7%) to Rs. 2,72,628 per kg. Spot Gold:Â Rose 0.2% to $4,516.76 per ounce. Spot Silver:Â Gained 0.6% to $77.40 per ounce.
The morning’s gains follow a brutal Tuesday session in the national capital, where retail gold prices tumbled by Rs. 2,800 to Rs. 1,62,400 per 10 grams (inclusive of all taxes), down from Monday’s closing of Rs. 1,65,200. Analysts note that escalating military friction earlier in the week pushed safe-haven capital into the US dollar, temporarily depressing non-yielding bullion.
While investors are tracking volatile crude oil prices and Treasury yields, the US-Iran conflict remains front and center:
- Military Friction:Â Cautious sentiment persists following “defensive” US strikes on Iranian missile sites near the Strait of Hormuz and subsequent Iranian retailatory fire. Iran accused the US of breaching an active ceasefire.
- Peace Framework:Â Despite weekend optimism surrounding a framework peace deal, US official Marco Rubio indicated that finalizing an agreement to halt hostilities and reopen the Strait of Hormuz could still take “a few days.”
Bullion’s upside momentum faces headwinds from global monetary policy uncertainty. Higher energy costs have fueled sticky inflation concerns, leading markets to price in a near 40% probability of a US Federal Reserve rate hike by December. Highlighting these persistent macroeconomic pressures, banking giant UBS reduced its year-end gold price target by $400 to $5,500.
International News
GJEPC Delegation Studies Romania’s Jewellery Retail Market
The Delegation Examined Premium Jewellery Retail Formats Gaining Insights Into Local Consumer Preferences For 14k and 18k White and Rose Gold Jewellery
As part of GJEPC’s broader Eastern Europe trade mission covering Poland, Romania and Serbia, the GJEPC trade delegation conducted an intensive market study tour at Băneasa Shopping City in Bucharest, Romania, on 21 May 2026, with support from the Embassy of India in Romania.
The discussions were set against a market backdrop where Romania’s gem and jewellery imports stood at about US$579 million in 2024, where India currently holds a modest 1.3% share, signalling significant room for expansion.
The delegation also met HE Dr. Manoj Kumar Mohapatra, Ambassador of India to Romania, as part of its outreach efforts to deepen bilateral trade engagement and explore growth opportunities for Indian gem and jewellery exports in Eastern Europe.
A detailed briefing session led by Ms. Andreea, Senior Commercial Officer, offered the delegation an in-depth understanding of Romania’s jewellery retail landscape, consumer purchasing behaviour, sourcing dynamics, and emerging opportunities for Indian exporters. The session formed part of the delegation’s retail study programme in the Romanian capital.
The delegation examined premium jewellery retail formats and luxury brand positioning, gaining insights into local consumer preferences for 14k and 18k white and rose gold jewellery, diamond collections, and contemporary retail concepts.
Mital Doshi, delegation leader and Convenor – BITC, GJEPC, along with fellow team members, engaged in discussions on import logistics, regional distribution channels, and product adaptation strategies tailored to Eastern European markets.
During the market study tour, the delegation visited and analysed several major jewellery and luxury retail brands, including Teilor, Sabrini, Kultho, Cellini, Oxette, Damiani, Chopard, and Freywille, along with other international brand outlets operating within the shopping complex.
The engagement marks another step in strengthening India-Romania gem and jewellery trade ties and identifying new business opportunities for Indian exporters in the Eastern European market.
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