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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

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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.

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National News

MMTC-PAMP Relaunches Digital Gold & Silver Offering, Democratizing Access To Precious Metals Investment

MMTC-PAMP Strengthens Its Digital Investment Platform With Secure, Accessible And Transparent Gold And Silver Offerings Starting At Rs 10

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MMTC-PAMP, India’s only London Bullion Market Association (LBMA) Good Delivery gold and silver refiner, has relaunched its digital gold and silver offering, strengthening the company’s position for investors and customers seeking a convenient, transparent and secure way to invest in the purest gold at 24K, as well as purest silver, both at 999.9+ purity.

Catering to the evolving consumer preferences, particularly among young and first-time investors, who are increasingly adopting digital avenues for gold and silver investment, this digital platform provides all the benefits to consumers, with a value-addition of transparency, 24×7 accessibility, assured purity and an entry point gold and silver investment going as low as Rs 10.

Commenting on the relaunch of the digital offering, Samit Guha, Managing Director & CEO, MMTC-PAMP said, “Digital gold and silver is increasingly becoming a preferred mode of purchase in the precious metals industry, particularly among young and first-time investors who value accessibility, flexibility and transparency. With this relaunch, our focus is to maintain the trust of physical gold and silver with the convenience of digital platforms. Every investment is backed by the purest silver and gold, stored in insured, secured, bank-grade vaults, enabling consumers to participate in precious metals investment with confidence, while retaining the option of liquidity or physical redemption based on their needs.”

MMTC-PAMP’s digital gold and silver service enables customers to invest in precious metals starting as low as Rs 10, where every unit purchased is backed by physical gold and silver of the same amount, which is stored in secured, fully insured, bank-grade vaults. The offering combines ease of access with the assurance of purity and ownership, with holdings maintained in the customer’s name and regularly audited by an independent third-party auditor.

Consumers can buy, sell, gift or redeem their investment seamlessly. The platform allows users to redeem their holdings at the real-time market prices with direct bank transfers or convert their digital balance into physical gold and silver in the form of minted coins and bars. Additionally, digital gold and silver can be purchased directly on MMTC-PAMP’s website or Android app, or through a partner transacting platform like Paytm, Google Pay, PhonePe, among others.

Digital gold and silver continue to gain traction as a preferred investment option due to its flexibility, liquidity and accessibility. It allows a democratic entry to secure financial future with the precious metals’ inherent value as a safe haven asset, eliminates storage concerns, and offers a practical entry point for small-ticket investors.

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