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MCX Gold, Silver Retreat On Stronger Dollar & Middle East Escalation

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Bullion prices on the MCX retreated on Friday morning as traders locked in profits following a dollar rebound and rising US-Iran military tensions—even as softer US PCE inflation data reduced fears of aggressive Fed rate hikes.

After jumping over 1% in the previous session on a steady Fed rate decision, precious metals gave up ground during early Friday trading:

  • MCX Gold (August Futures): Down 0.50% to Rs 1,42,547 per 10g (approx. 9:10 AM)
  • MCX Silver (September Futures): Down 0.40% to Rs 2,19,117 per kg

US Dollar Index: Gained 0.40%, increasing the foreign-currency cost of holding bullion.

  • US 10-Year Treasury Yields: Moderated to 4.65% (down from 4.71%), though yields remain elevated over 5% on the month.
  • Escalating Hostilities: Jordan’s air defense intercepted five Iranian missiles following US military strikes on Iranian targets. The widening conflict is drawing in neighboring nations, maintaining floor support under energy markets (Brent crude near $88/bbl).
  • Federal Reserve Split: While rates remained unchanged on July 29, three dissenting committee members favored a 25 bps hike, highlighting ongoing concerns over sticky multi-year inflation.
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PNG Jewellers Wins IACC Excellence In Service Award At IACE 2026

Prestigious Recognition Honours PNG Jewellers’ Commitment To Customer Service, Retail Excellence and Evolving Consumer Expectations

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PNG Jewellers has been honoured with the Excellence in Service award at the 22nd Indo-American Corporate Excellence Awards (IACE) 2026, organised by the Indo-American Chamber of Commerce (IACC). The recognition celebrates PNG Jewellers’ retail excellence in Sunnyvale, California, and its commitment to delivering service excellence and trusted jewellery retail experiences to customers in the U.S. market.

The award was presented at a prestigious ceremony held on September 11, 2026,  at Hotel Sahara Star, Mumbai, in the presence of business leaders, members of the Indo-U.S. business community, IACC members and representatives of the diplomatic community. Dr. Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers, received the award on behalf of the company from Union Minister Shri Nitin Gadkari.

The winners were selected by an eminent jury chaired by Shailesh Haribhakti, alongside Kaku Nakhate, S. S. Mundra, Rajyalakshmi Rao and Nilesh Vikamsey. P. N. Gadgil Jewellers Ltd. was unanimously selected as the winner in the Excellence in Service category.

Commenting on the recognition, Dr. Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers, said:

“This recognition is a testament to the trust our customers have placed in PNG Jewellers and to the commitment of our teams who work relentlessly to deliver an exceptional jewellery-buying experience. For us, service excellence goes beyond the transaction. It is about understanding evolving customer expectations, offering greater transparency and ensuring that every interaction strengthens a relationship built over generations. We are deeply honoured to receive this recognition from the Indo-American Chamber of Commerce.”

The recognition specifically acknowledges PNG Jewellers’ store in Sunnyvale, California, and the brand’s commitment to extending its legacy of trust, craftsmanship and service excellence to customers in the United States. The Sunnyvale store represents an important milestone in PNG

Jewellers’ international journey, bringing its heritage-led approach together with contemporary retail experiences tailored to evolving consumer expectations in the U.S. market.

The Indo-American Corporate Excellence Awards recognise organisations and individuals making significant contributions to the Indo-U.S. trade and business corridor.

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