National News
MCX Gold Slips Below Key Technical Levels; Silver Extends Sharp Selloff
MCX Gold fell below ₹1,44,800, declining over 8% in the past week and breaching its 9-week EMA, while MCX Silver dropped more than 12% to ₹2,27,400.
Gold and silver contracts on the Multi-Commodity Exchange hit lower circuits on Monday, extending a sharp multi-week selloff as rising US Treasury yields, a stronger dollar, and elevated rate-hike expectations continued to overwhelm any safe-haven support from the ongoing West Asia conflict.
MCX Gold, currently priced at Rs.1,44,800, has fallen over 8 per cent in the past week alone, slipping below its 9-week exponential moving average for the first time since June 2025 — a development analyst at Axis Direct described as a clear bearish signal. The RSI has also dropped below 60, indicating strong downside momentum. COMEX Gold has shed more than 10 per cent over the same period, recording its steepest weekly decline in decades, settling below $4,500.
MCX Silver has been hit harder, extending its losing streak to a fourth consecutive week. The contract, last traded at Rs.2,27,400, has fallen more than 12 per cent over the past week and is now trading below its 9-week EMA, with the RSI also under 60. Spot silver on COMEX plunged over 15 per cent last week to settle below $70 for the first time since December 2025.
Rising rates and oil prices weigh on metals
The selloff is rooted in a paradox: the very conflict driving geopolitical anxiety is also the force undermining metals prices. The West Asia escalation has pushed crude oil sharply higher, stoking inflation fears and prompting markets to price in a 50 per cent probability of a US Federal Reserve rate hike by October. Traders are also pricing in at least three rate hikes each from the European Central Bank and the Bank of England in 2026.
From the domestic industry perspective, the price drop is already creating stress.
Analysts recommend cautious approach amid volatility
Analysts note that the correction, while severe, may not signal a structural reversal. As per a report, it indicates that prolonged conflict could eventually turn supportive for both metals, with persistent inflation and fiscal strain reinforcing gold’s store-of-value role over time. Silver, may initially lag if economic growth weakens but could benefit later from both inflation hedging and industrial demand.
National News
Augmont-NSE Partnership Drives Strong Start for India’s Gold EGR Market, with Over 1,60,357 Units Traded in First Few Hours
Electronic Gold Receipts segment witnesses active two-way trading on day one, with 1,60,375 units traded, representing approximately 6 kg of gold and a traded value of ₹23.34 crore as of 04:25 PM
India’s gold market took an important step towards greater integration with the commencement of live trading in the Electronic Gold Receipts (EGR) segment on the National Stock Exchange of India (NSE) today. Enabled through the collaboration between NSE and Augmont Enterprises Limited, the launch brings together NSE’s regulated exchange infrastructure and Augmont’s integrated physical gold ecosystem, creating a new avenue for investors to trade physically backed gold.
On its opening day, the EGR segment witnessed active two-way trading, with 1,60,357 units traded by approximately 04:25 PM, representing around 6 kg of gold. The trading activity translated into a cumulative traded value of approximately Rs.23.34 crore during the first session. The segment also demonstrated orderly price discovery, with prices remaining within a narrow intraday range of Rs.1,450.50 to Rs.1,460.00. The bid-ask spread remained between Rs.0.50 and Rs.1.00, indicating continuous two-way quotations and an active order book.
Each EGR represents 100 mg of physical gold, with the underlying gold held in SEBI-regulated vaults. Investors can buy and sell EGRs through their demat accounts on the exchange, while retaining the option of converting their holdings into physical gold, subject to the applicable framework. The segment follows a T+1 settlement cycle, under which trades executed on a particular day are settled on the next business day, facilitating the transfer of securities and funds through the exchange’s regulated clearing and settlement mechanism.
Under the strategic collaboration, Augmont serves as a key physical gold and infrastructure partner for NSE’s EGR segment, supporting the creation, vaulting, redemption and liquidity ecosystem. The gold backing the EGRs is sourced through Augmont’s integrated refining infrastructure, bringing together physical gold processing and exchange-based trading within a regulated framework.
The commencement of live trading marks an important step towards building a more transparent and accessible gold market in India. By enabling standardised gold to be traded through an exchange-based mechanism, EGRs have the potential to strengthen price discovery, improve market participation and create a more integrated ecosystem for physical gold.
Ketan Kothari, Whole-time Director, Augmont Enterprises Limited, said:
“The commencement of EGR trading marks the transition of our collaboration with NSE from building the underlying infrastructure to enabling a live, exchange-traded gold market. The day-one trading activity, continuous two-way quotations and orderly price discovery are important initial milestones for a new market segment.
At Augmont, we have brought together our refining capabilities and physical gold infrastructure to support the creation, vaulting and redemption of EGRs. We believe this initiative can play an important role in making physical gold more accessible, transparent and integrated with India’s formal financial ecosystem. Our focus remains on strengthening the ecosystem and supporting its wider adoption among investors, brokers and other market participants.“
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