National News
NATIONAL Gold, Silver Decline In India On Oil Price Rebound
Gold and silver retreated today, March 24, pressured by a rebound in oil and a firmer dollar, as investors unwound safe-haven positions following tentative signs of easing geopolitical risk.
Futures for bullion slid in early trade, with COMEX gold for June dropping about 1% to an intraday low near $4,362 an ounce, while silver fell more than 2.5% to roughly $66.95. In India, prices tracked the global weakness, extending the previous session’s sharp volatility on the MCX.
The move coincided with a rebound in WTI crude oil, which jumped over 4% to around $91.67 a barrel, and a modest uptick in the US Dollar Index, hovering near the 99 mark. Higher oil prices tend to stoke inflation expectations, bolstering yields and the dollar—both headwinds for non-yielding assets like gold.
The pressure follows a whipsaw session when precious metals briefly rebounded after comments from Donald Trump signaled a pause in potential U.S. military action in the Middle East. That hint of de-escalation reduced immediate demand for haven assets.
Analysts say the recent selloff reflects a mix of macro forces: rising bond yields, dollar strength, and liquidity-driven unwinding after a crowded bullish trade. Domestic futures had plunged as much as 10% for gold and 12% for silver in the prior session before partially recovering.
National News
BCCI Panel Discussion Explored Ways To Channel Household Gold Into The Formal Financial System
If India Can Replicate The Convenience Of A Gold Loan While Offering Attractive Incentives, The Country Has The Potential To Mobilize Significant Domestic Gold Resources.
Bombay Chamber of Commerce & Industry organized a panel discussion on “Building India’s Gold Monetization Marketplace”, moderated by Neil Borate, Editor-in-Chief of The Federal’s fintech platform The Fynprint. The panel featured Khushboo Ranawat, Regional Chairperson – West, and Member – National Exhibitions, GJEPC, Richa Agarwal, Chief General Manager, SEBI; Ramakrishnan Padmanabhan, General Manager, Department of Metals & Commodities, IFSCA; Nilesh Lodaya, Chief Business Officer, CDSL; Rajnish Gupta, Partner, Tax and Economic Policy Group, EY India; and Gunveer Singh, Executive Director, Department of Payment & Settlement Systems, RBI.
The discussion explored ways to channel household gold into the formal financial system, strengthen India’s gold monetization ecosystem and reduce dependence on imports. Panelists noted that a significant share of India’s gold holdings consists of investment gold in the form of bars and coins, representing a substantial opportunity for future monetization. If India can replicate the convenience of a gold loan while offering attractive incentives, the country has the potential to mobilize significant domestic gold resources.
The seminar brought together regulators, market infrastructure institutions and industry leaders to discuss policy reforms, electronic gold receipts, tokenization and the development of a modern digital gold ecosystem. Speakers included Praveen Rai, MD & CEO of MCX, former SEBI Executive Director Pramod Rao, and senior officials from SEBI, IFSCA, RBI, CDSL and NSDL.
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