India, April 6 -- A precious metals market already running hot on safe-haven demand received two fresh jolts in the opening days of April 2026, one from New Delhi's trade policy desk, the other from the Strait of Hormuz. The result was a 1 percent intraday jump in silver on the Multi Commodity Exchange, a number that understates the scale of what FY26 delivered for bullion investors as a whole.

The Domestic Policy Shift The more structurally consequential of the two catalysts is the quieter one. Effective April 1, 2026, the Directorate General of Foreign Trade reclassified the import policy for precious metal jewellery from "Free" to "Restricted." The practical consequence is immediate: importers now require prior government approval bef...