National News
Indian bullion Market Experienced A Notable Recovery, Trimming Losses Triggered After The Ceasefire Headlines
While the immediate “Panic Buying” has subsided, The Long-Term trend for precious metals remains structurally supported by broader economic uncertainties.
The Indian bullion market experienced a notable recovery as gold and silver prices rebounded from a recent corrective phase. This upward shift follows a period of high volatility driven by the geopolitical breakthrough of a US-Iran ceasefire, which initially stripped away some of the safe-haven premium that had been driving prices to record highs.
Indian gold prices on 11 April 2026 moved higher by about Rs. 870 per 10 grams, trimming losses triggered after the ceasefire headlines. For 24K gold with 99.9% purity, the rate stood at Rs. 15,235 per gram or Rs. 1,52,350 per 10 grams, while 22K gold at 91.6% purity was quoted at Rs. 13,965 per gram or Rs. 1,39,650 per 10 grams.
Despite this easing of tensions, the domestic market saw a firm recovery on Saturday, with the MCX signaling a cautious trend. While gold recovered a portion of its earlier losses, silver saw a more aggressive climb per kilogram across major metropolitan hubs, reflecting a resilient demand for precious metals even as global markets paused for the weekend.
In the international arena, spot gold stabilized near $4,749.42 per ounce, securing its third consecutive weekly gain of approximately 2%. Silver maintained a strong technical position, trading in a band between $76.31 and $76.65 per ounce and successfully defending a critical support level at $75.00. Investors are currently balancing a complex macroeconomic landscape where easing inflation risks are being weighed against a strengthening US dollar. This “cautious” sentiment is further reinforced by the strategic behavior of central banks, whose continued interest in diversifying reserves provides a steady floor for prices despite the de-escalation of conflict in the Middle East.
For domestic consumers in India, city-specific pricing continues to vary based on local taxes and demand, with significant recovery noted in cities like Chennai and Delhi. However, market experts remind buyers that retail costs remain subject to additional charges, including a 3% GST and various making charges that can significantly alter the final invoice. As central bank policies and currency fluctuations remain the primary drivers of momentum, the recovery on April 11 suggests that while the immediate “panic buying” has subsided, the long-term trend for precious metals remains structurally supported by broader economic uncertainties.
National News
Gold Industry Proposes New Strategy To Cut Imports and Boost Local Economy
Precious Metals Refineries Forum (PMRF) Has Proposed A Two-Track System To Manage Gold More Efficiently
Following Prime Minister Narendra Modi’s call to reduce gold imports and foreign travel, major Indian bullion and jewellery bodies have submitted a new plan to the government and the Reserve Bank of India (RBI). The strategy aims to lower the nation’s trade deficit by tapping into the estimated 30,000 tonnes of gold sitting in Indian households.
This move comes after India’s gold imports jumped 24% to a record $71.9 billion in the 2025-26 financial year, with over 721 tonnes of gold brought into the country.
The New Strategy: Two Separate Systems
The Precious Metals Refineries Forum (PMRF) has proposed a two-track system to manage gold more efficiently:
- For Exporters:Â Imported gold should be strictly saved for jewellery exporters using one-year Gold Metal Loans (GML).
- For Local Buyers:Â Domestic demand should be met entirely by recycling household gold. This gold would be collected from citizens, refined locally, and sold back through jewellers and retailers.
Under this plan, people who deposit their idle gold could earn 2% to 2.5% interest, while businesses taking gold loans would pay an interest rate of 3% to 4%.
Fixing Why Past Schemes Failed
Previous government gold schemes failed to gain traction primarily because they left out local jewellers and lacked a proper banking structure. Without a joined-up system, institutions faced high financial risks from changing gold prices.
To fix this, trade bodies are calling for a complete system that includes:
- Direct involvement of trusted local jewellers. The schemes did not take off in the past because jewellers were not part of them. About 10% to 20% of family gold is held as bars or coins.
- Strong bank backing and secure storage vaults across the country.
- Tax incentives, such as removing the 3% GST loss when physical gold is converted into Electronic Gold Receipts (EGR), and offering income tax relief on the interest earned.
Industry Support
Industry experts say a smooth system is already possible. Collection and purity testing centres have confirmed that collected household gold can be processed within 48 hours and safely moved to secure, bank-approved vaults.
Representatives from the Indian Bullion and Jewellers Association (IBJA) recently held discussions with RBI officials to fast-track these changes.
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