Overview
- India’s bullion trade swung on Tuesday after President Trump set a Strait of Hormuz deadline, with MCX gold toggling around Rs 1.50 lakh per 10g and silver shifting between roughly Rs 2.32–2.35 lakh per kg.
- The DGFT moved precious‑metal jewellery imports from Free to Restricted, which now requires prior approvals and slows inflows to the domestic market.
- The government cut the reference base price that customs use to value gold and silver imports on Monday, a change that fuelled double‑digit gains in jewellery stocks such as Senco Gold and lifted peers including Kalyan Jewellers and Titan.
- Analysts cite a stronger US dollar, firm oil and recent US jobs strength as reasons prices struggle to rise, with traders watching Federal Reserve meeting minutes and other data for direction.
- After an exceptional FY26 rally that left positions enlarged, many desks expect choppy, range‑bound trade in gold between about Rs 1.44–1.54 lakh until geopolitics or US policy shifts provide a clearer signal.