While its too early to declare things are finished ranging, it is not too early to say this is very constructive off recent lows. The moves are inline with other markets in direction ( dollar down, oil down) but the magnitude is something special. We hope to have more good news to add later today.

India’s gold and silver imports have effectively stalled for more than five weeks as administrative delays and tax uncertainty jam bullion shipments at customs, tightening supply in one of the world’s largest precious metals markets and driving local premiums sharply higher.

According to a Bloomberg report, consignments have remained stranded since April 1 after delays tied to customs clearance procedures, updated import authorization lists, and unresolved questions surrounding integrated goods and services tax treatment for bullion imports. Domestic bullion premiums surged above $20 per ounce this week for the first time since February.

https://www.zerohedge.com/news/2026-05-06/gold-and-silver-explode-higher-indian-premiums-soar