National News
MCX Gold Sees Sharp Rebound On Value Buying As Dollar Softens
Domestic Spot Gold Rates Have Dropped 9% So Far In March, Battered By Volatility
Gold prices on the Multi-Commodity Exchange (MCX) staged a sharp rebound today, March 27,climbing almost 1% to Rs.1,43,829 per 10 grams for June futures, fueled by value buying against a backdrop of dollar weakness. MCX silver May contracts outperformed, rising nearly 2% to Rs.2,23,978 per kilogram in early trades.
The uptick comes after a bruising month for the yellow metal. Domestic spot gold rates have plummeted about 9% so far in March, battered by volatility tied to the escalating US-Iran war in West Asia. This conflict has propelled crude oil prices to elevated levels, bolstering the dollar index and pressuring gold as investors rotated into safer currencies.
Today’s reversal gained momentum from a softer US dollar, with the dollar index dipping 0.10%. For India’s gems and jewellery sector—where gold dominates 80% of wedding and festive demand—these swings underscore the fragility of MSME exporters reliant on stable import costs.
Yet, headwinds persist. Soaring crude prices, now hovering near $90 per barrel due to West Asian tensions, continue to inflate India’s import bill and fuel inflation fears. This dynamic weighs on gold’s safe-haven appeal, even as global central banks signal potential rate cuts later this year.
Jewellery retailers in Mumbai report cautious optimism, with some stocking up on dips for Akshaya Tritiya demand. However, sustained geopolitical risks could cap gains, as higher oil translates to pricier logistics for bullion imports.
Analysts eye COMEX gold at $2,650/oz for cues, with support at Rs.1,42,000 on MCX. For the trade, this volatility highlights the need for hedging tools and diversified sourcing amid Middle East uncertainties.
National News
Legacy Brand Jagannath Gangaram Pednekar Jewellers Receives IAGES Accreditation
Strengthening Trust: JGP Jewellers Earns Prestigious IAGES Accreditation Across 24 Stores
Family-run legacy brand Jagannath Gangaram Pednekar (JGP) Jewellers has reinforced its commitment to transparency, accountability and consumer trust, with the Indian Association for Gold Excellence and Standards (IAGES) accreditation it has received across its 24 stores in Maharashtra and Goa.
As India’s gold industry steadily moves towards greater formalisation, legacy jewellers remain aligned on the need for standard, structured frameworks and ethical practices across the entire gold value chain. The IAGES accreditation is a Self-Regulatory Organisation (SRO) established by and for the Indian gold industry to bring clarity and accountability among retailers, manufacturers, refiners, bullion traders, assaying and hallmarking centres and digital gold sellers across all their business practices. The accreditation is awarded only after a comprehensive assessment conducted by an independent third-party assessor.
Established in 1950, Jagannath Gangaram Pednekar Jewellers brings over 75 years of quality craftsmanship and traditional jewellery designs for a growing base of customers across generations.
Anand Pednekar, Director – Jagannath Gangaram Pednekar Jewellers, Said:

“We’ve successfully built our brand over seven decades on pillars of trust, authenticity and transparency. The IAGES accreditation further reinforces our promise to consumers that they will always be welcomed with the highest values and the assurance of ethical sourcing and transparent business practices when they walk into any of our stores. We look forward to working together with our contemporaries to reshape the gold industry into becoming a globally accepted, future-ready reality.”
The IAGES accreditation is beneficial for both gold businesses and consumers. For jewellers, it reflects verified practices, ethical conduct, operational excellence and consumer trust and loyalty, while for consumers, it ensures that their accredited retailer has sourced and manufactured gold following the most rigorous standards of authenticity and integrity.
Kaushlendra Sinha, CEO, IAGES, Said:

“Our mission with IAGES is to bring greater structure and global alignment to India’s gold industry while addressing the need for formalisation within the domestic market. We are pleased to welcome Jagannath Gangaram Pednekar Jewellers to the network. Their accreditation highlights their commitment to industry standards and excellence, reflecting the values of integrity and responsibility that we stand for.”
IAGES is currently driving nationwide awareness through its ‘Before you buy gold, #PehlaCheckIAGES’ campaign, encouraging consumers to check for IAGES accreditation before choosing their gold retailer.
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