Gold prices gained as easing Iran-US tensions pushed oil prices lower, while India’s bullion imports remained constrained by tax and customs confusion. Heraeus said the mix matters for Indian investors because global gold price support is colliding with local supply disruption in the world’s second-largest jewellery market.
Why did gold prices rise on Iran optimism?
Gold prices rose because de-escalation talks between Iran and the United States lowered oil prices and eased fears of a prolonged inflationary shock. According to Heraeus, that shift helped both equities and precious metals rally last week.Heraeus analysts said Brent Crude fell 6.2% on the news, while the S&P 500 rose 1.0%. Over the same move, gold rallied 2.7% and silver jumped 5.1%.
How did lower oil prices support bullion and stocks?
Lower oil prices reduced market worries that a longer Middle East conflict would push inflation and interest rates higher. That mattered for both gold and stocks.Heraeus said the unusual correlation between safe-haven precious metals and risk assets came from the interest-rate outlook. If conflict drives prices significantly higher, markets expect interest rates to rise as well. Higher rates typically pressure gold, which offers no yield, and also weigh on equities because borrowing costs increase.
Where is spot gold trading now?
Spot gold gave back some of Monday’s earlier gains but remained elevated. It was last trading at $4,716.03 per troy ounce, flat on the session after the initial rally.For Indian investors tracking XAUUSD, the move shows that geopolitical headlines can still lift bullion even when prices later consolidate. If the Indian rupee weakens at the same time, domestic gold rates can remain firm even when international spot prices pause.
What is disrupting India’s gold imports?
India’s gold and silver imports are being disrupted by administrative and tax uncertainty. Heraeus said banks in India have been unable to import precious metals since the start of the new Indian tax year on 1 April.The analysts said India’s trade ministry delayed publishing its list of banks eligible to import precious metals until 17 April. Even after that, imports did not resume because officials at ports and airports lacked clearance orders.
Why are customs and tax rules creating confusion?
The immediate problem is a lack of operating clarity. Heraeus said officials also remain unclear on whether gold and silver are included in India’s Integrated Goods and Services Tax.
That uncertainty has created a bottleneck for bullion flows into India. For a country that relies heavily on imported gold, delays at ports and airports can quickly tighten local supply chains for refiners, wholesalers and jewellers.
How much have India’s gold imports fallen?
India’s gold imports fell sharply in April 2026. Heraeus said gold imports into India in April 2026 were 0.66 moz, down from 0.94 moz in April 2025.That drop is significant because India is the second-largest jewellery market after China. Heraeus also noted that India has little domestic gold production and must import most of its gold demand.
For Indian investors, fewer imports can affect local premiums and domestic price behaviour, especially during periods of strong jewellery demand. Even if international bullion prices cool, supply friction can keep Indian market prices supported in rupee terms.
How is China’s central bank influencing gold demand?
China’s central bank is continuing to support gold demand through steady reserve accumulation. Heraeus said the People’s Bank of China increased its gold reserves for the 18th straight month.
In April 2026, China bought 8 tonnes of gold. Heraeus said that purchase was large relative to recent months and represented nearly one-third of its total purchases of 26.1 tonnes since the end of April 2025.
What are China’s total declared gold reserves?
China’s declared gold reserves reached 2,321.5 tonnes at the end of April 2026. Heraeus said that makes China’s reserves the fifth-largest in the world, behind the United States, Germany, Italy and France.For the global gold price, sustained central-bank buying remains a strong structural pillar. For Indian investors, that matters because official-sector demand can help underpin bullion even when ETF flows or speculative positioning turn volatile.
How strong is silver production growth in 2026?
Silver production growth is strong among major producers, and Heraeus said output in 2026 is running well above 2025 levels at key miners. That supply story is unfolding even as silver prices outperform gold.On Monday, silver outpaced gold and hit an intraday high of $86.023 per troy ounce. Spot silver was last trading at $85.125 per ounce, up 5.96% on the daily chart.
What did Pan American Silver report?
Pan American reported strong first-quarter production growth. Heraeus said attributable silver production reached 6.44 moz in Q1'26, up 29% year-on-year from 5.00 moz in Q1'25.The analysts said the increase came from consistent operational performance and a greater contribution of lower-cost ounces from the Juanicipio mine. Those gains helped cut Pan American’s Silver Segment all-in sustaining cost (AISC) to $6.63/oz in the quarter, down from $13.88/oz in Q1'25.
Pan American also reiterated its FY26 silver production guidance of 25-27 moz. Heraeus noted that Mexico is the company’s largest silver-producing jurisdiction.
Mexico produced 203 moz in 2025, and output is expected to be stable to slightly lower in 2026. That matters for the broader precious metals market because Mexico remains one of the world’s key silver-producing regions.
What did Endeavour Silver report?
Endeavour Silver also posted strong year-on-year production growth. Heraeus said the company produced 1.88 moz in Q1'26, up 56% from 1.21 moz in Q1'25.
The increase was driven mainly by the newly ramped-up Terronera and Kolpa mines. However, Endeavour’s cost profile moved the other way.
Heraeus said Endeavour’s AISC rose 51% year-on-year to $37.03/oz because of higher royalties, mining duties and the inclusion of higher-cost operations. Even so, AISC improved sequentially from $41.19/oz in Q4'25.
The company said it remained well-positioned to meet its production goals for the rest of 2026. Heraeus added that the great majority of Endeavour’s silver production comes from Mexico, while its largest mine outside Mexico is Kolpa in Peru.
What does this mean for Indian gold investors now?
Gold’s latest move shows that geopolitical easing can still support bullion when it lowers oil and rate fears rather than simply reducing safe-haven demand. At the same time, India’s import bottlenecks could tighten local availability and influence domestic premiums.For Indian investors, the next watchpoints are clear: whether customs and tax clarity restores bullion imports, whether XAUUSD holds near $4,716.03, and whether central-bank buying from China continues at the current pace. Silver’s surge toward $86.023 and its last trade at $85.125 also bears watching, especially if industrial demand and producer output remain strong through 2026.
