CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: Gold prices worldwide have surged past US$3,000/oz, touching record highs as global debt concerns, geopolitical uncertainties, and monetary easing expectations reshape the bullion landscape. In India, this has translated into domestic prices hovering around Rs. 1,01–1,02 lakh per 10 grams. Despite the elevated levels, demand remains resilient, with families pawning old jewellery, Jewellers innovating with lighter designs, and investors increasingly shifting toward financial gold products reflecting a dynamic consumer market adapting to affordability without severing cultural ties.
One of the most significant structural changes this year has been the reduction of import duties 6% on refined gold and 5.35% on gold doré. This reform, hailed as the most consequential in a decade, has curbed smuggling, encouraged legal imports, and strengthened transparency in the retail ecosystem. Alongside, regulatory measures such as hallmarking of 9K gold and the extension of HUID-based hallmarking to silver are reinforcing consumer trust by ensuring product quality and minimizing disputes.
Institutional infrastructure is also maturing. The India International Bullion Exchange (IIBX) has expanded into silver and gold futures, providing exporters and jewellers with vital hedging tools while gradually positioning India as a participant in global price discovery. If participation deepens, IIBX could be a critical lever in shifting India’s role from a price taker to a price influencer on the global stage.
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