GJC calls for balanced policy and consumer-friendly reforms 

The All India Gem & Jewellery Domestic Council (GJC) today released its half‑yearly review of the gold and silver market for 2026, noting that the first six months of the year were marked by historic peaks in bullion prices, followed by corrections that reshaped consumer sentiment and industry outlook. The Council emphasized that taxation changes, customs duty hikes, and global geopolitical tensions have been the defining factors of the year so far, while evolving consumer preferences and policy reforms will play a crucial role in the months ahead.

Gold prices peaked at ₹1,70,480 per 10 grams in January 2026, before correcting to around ₹1,42,800 per 10 grams by late June 2026. Silver too witnessed a dramatic surge, crossing ₹4,02,490 per kilogram in January 2026 — its first time above the ₹4 lakh mark — before easing to the ₹ 2,25,940 per kilogram range by late June 2026.

Adding to this perspective, Rajesh Rokde, Chairman of GJC, commented: “The correction in bullion prices during late June reflects a natural adjustment after extraordinary highs. Gold futures settled around ₹1,42,800 per 10 grams, while silver eased to the ₹2,25,990 per kg range after crossing ₹4,00,000 earlier this year. These shifts are driven by profit‑taking, a stronger US dollar index, and expectations of prolonged high interest rates globally. Global sentiment has also shifted as safe‑haven demand eased after recent geopolitical panic cooled. While futures saw a meaningful drop, retail prices have remained elevated, with 24K gold continuing to trade around ₹14,250–₹14,400 per gram through late June this year.”

Avinash Gupta, Vice Chairman of GJC, added: “GJC expects bullion prices to remain volatile, with possible consolidation after recent corrections. Jewellery demand is expected to remain subdued, though the festive season could revive sales, particularly in lightweight categories. The industry awaits clarity on reforms to the Gold Monetisation Scheme and potential tax adjustments, while geopolitical risks remain a key factor that could trigger renewed safe-haven demand.”