National News
MCX Gold, Silver See Sharp Decline On Surging Crude Oil Prices, Hawkish Fed Reserve
MCX Gold Plunged By Rs 2,200 (Nearly 1.5%) To Trade Near Rs 1.54 Lakh, While MCX Silver Dropped Over Rs 2,400 (Around 1%) To Hit An Intraday Low Below Rs 2.33 Lakh Per Kilogram
Precious metals experienced a sharp retreat on August 31, 2026, driven by an increasingly hawkish Federal Reserve and surging crude oil prices. In domestic markets, MCX gold plunged by Rs 2,200 (nearly 1.5%) to trade near Rs 1.54 lakh, while MCX silver dropped over Rs 2,400 (around 1%) to hit an intraday low below Rs 2.33 lakh per kilogram. This domestic downturn mirrored steep sell-offs across global spot markets, where gold dropped more than 1% to hover around $4,400 per ounce and silver slipped below the $66 per ounce mark.
Key Drivers Behind the Sell-Off
- Hawkish Fed Signals: Federal Reserve Chair Kevin Warsh signaled persistent inflation concerns during the Jackson Hole summit, emphasizing that financial conditions remain insufficiently restrictive to reach the 2% inflation target.
- Rising Rate Hike Odds: Traders are now pricing in a 57% probability of a 25-basis-point rate hike in September, up from roughly 40% last week.
- Energy & Geopolitical Pressures: US strikes on Iranian rocket launchers near the Strait of Hormuz lifted crude prices, compounding pressure on non-yielding bullion.
Despite the sharp end-of-month pullback, gold remains positioned to close August with a gain of more than 10%, supported by broad-based currency debasement trades.
National News
IFSCA Notifies India Good Delivery Gold Framework
GJEPC Seeks Swift Rollout and Global Recognition. The Framework Is Expected To Strengthen Responsible Sourcing, Build Confidence In Indian-Refined Gold and Create Opportunities For Bullion Exports.
GJEPC has urged the Government to expedite international recognition and the implementation of the India Good Delivery Gold framework, following the notification of the International Financial Services Centres Authority (IFSCA) (Good Delivery) Guidelines, 2026. The framework is expected to strengthen responsible sourcing, build confidence in Indian-refined gold and create opportunities for bullion exports.
The guidelines establish a framework for quality assurance, responsible sourcing and traceability in gold refining. IFSCA, India’s unified regulator for financial products, services and institutions operating in International Financial Services Centres, will implement the framework through the Bullion Exchange in the IFSC. Gold from accredited refiners that meets the prescribed requirements can qualify for delivery on IFSC exchanges and for over-the-counter trading.
The framework extends beyond the purity and quality of gold bars to address their provenance. Refiners must trace raw gold to its source, assess supply-chain risks, verify suppliers and beneficial owners, and meet applicable responsible-sourcing requirements. Independent third-party audits will provide additional assurance.
The initiative follows the recommendations by NITI Aayog, a policy think tank, which had called for an India Good Delivery Standard and responsible-sourcing guidelines for refineries. The report highlighted the potential of domestic refining to retain more value within India, generate employment and support exports.
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