National News
AUGMONT WEEKLY BLOG:Gold on beast mode as Liberation Day approaches
Gold has continued its terrific run, on beast mode, hitting $3177 (Rs 91400) to set another milestone, as uncertainty about tariffs that would drive inflation and deteriorate economic development boosted safe-haven demand and maintained gold on track for its best quarter since 1986. The buying demand in gold continues unabated, with markets scrambling for shelter in the traditional store of wealth amid concerns over US President Donald Trump’s tariff plans on ‘Liberation Day’, April 2.
What is Liberation Day?
As per Wikipedia, “Liberation Day is a day, often a public holiday, that marks the liberation of a place, similar to an Independence Day. Liberation marks the date of either a revolution, as in Cuba, the fall of a dictatorship, as in Syria, or the end of the occupation by another state, as in the Netherlands, thereby differing from the original independence day or creation of statehood, while in Italy commemorates the victory of the Italian resistance movement against Nazi Germany and the Italian Social Republic, a puppet state of the Nazis and rump state of the fascists, the culmination of the liberation of Italy from German occupation and the Italian civil war in the latter phase of World War II”.
US Liberation Day on April 2
Donald Trump has threatened a “Liberation Day” with tariffs on countries having persistent trade deficits with the US. On Wednesday, April 2, the world will learn about Donald Trump’s new style of doing business with almost everyone. That is when the White House will unveil its tariff plan, which includes duty increases for all countries that trade products and services with the United States. Trump has not hinted at imposing a levy on gold, but the prospect of such a move has pushed prices to their current levels. Is gold taxed on imports? We find out on Wednesday. Until then, speculation is likely to continue in full swing.
Trump rattling the markets
Furthermore, US President Donald Trump shook markets last week by placing 25% tariffs on all non-American vehicles and light trucks ahead of the so-called reciprocal tariffs, which are scheduled to take effect on April 2. On Sunday, Trump expressed his rage and frustration with Russian President Vladimir Putin, threatening large tariffs on Russian energy and even bombings in Iran. He also stated that if he believes Moscow is impeding his efforts to end the Ukraine conflict, he will slap secondary tariffs ranging from 25% to 50% on Russian oil customers. Trump also slammed Ukrainian President Volodymyr Zelenskiy, warning that he would suffer serious consequences if he pulled out of the important rare earth minerals deal. This further weighs on investors’ sentiment and contributes to the global flight to safety.
What next?
Bullion is up around 18% this year after climbing more than 27% in 2024, owing to a favorable monetary policy background, significant central bank buying, and demand for exchange-traded funds, among other things. This comes on top of continuing concerns over slowing US economic growth, which drives stagflation fears, pulling the US Dollar down and providing more support to gold.
The next resistance for gold is $3210(~Rs 92000) while Silver is stuck in the range of $33 to $35, prices need to sustain above its $35 resistance to head higher towards $38.
- Event marks 42 years of Incorporation and 16 years of Operations
- Recently-appointed Consul-General’s first visit to the Bourse helps strengthen a century-old bond
- Long service awards presented to outstanding employees
Bharat Diamond Bourse today marked 42 years of incorporation and 16 years since the commencement of operations at the BDB Complex in BKC with a special programme graced by H. E. Pierre Stverlynck – Consul General of Belgium in Mumbai as Chief Guest and a number of leading diamantaires.
The function was organised to celebrate the crucial roles played both by the visionaries who conceptualised the need for a centralised infrastructure to boost the diamond trade over four decades ago, and the employees who have run the daily operations in a highly efficient and professional manner.
In his Welcome Address, BDB Vice President, Mehul Shah explained the significance of celebrating twin milestones – 42 years of incorporation and 16 years of operations. He said:
“BDB began with a vision and is now the world’s largest operational bourse, and a symbol of India’s leadership in the diamond world and excellence in every aspect of operations.”
He added, “It is significant that the Consul General of Belgium is with us on this special occasion. Antwerp and Mumbai have a very close relationship, going back more than 100 years. Today the two cities have bonds based on trust, trade and friendship. We are committed to strengthening this bond over the next century as well.”
Congratulating the awardees he said that members may be the owners, but it is the staff who run the complex and have helped build it as the “best of the best” centres for diamonds. “Personal integrity combined with hi-tech surveillance have made BDB one of the safest places in the world,” he explained, and urged all present never to forget that “it is the soldiers who fight and win the wars.” Mr Shah offered compliments to all the awardees and congratulated Team BDB.
Speaking on the occasion, Anoop Mehta, President BDB, welcomed Mr Stverlynck who has recently assumed charge as Consul General of Belgium in Mumbai.
“We are sure that this will be the first of many visits to our Bourse,” he said, noting that the Consulate is the nearest neighbour of the complex.
“The BDB leadership has always enjoyed a very special relationship with the Belgian consulate,” he added, “built on the longstanding bonds between the diamond industry in our two countries.”
Mr Mehta said it was heartening that so many employees had remained loyal to the BDB for multiple years, and urged all gathered to reach out through their department heads to put forward suggestions for further changes and improvements
Mr Stverlynck, who was on his first visit to the Bourse after assuming charge as Consul General, said he was extremely impressed with the facilities available for exporters within the complex. Assuring the trade of cooperation and support, he said he was happy to be personally present to celebrate such a remarkable institution as BDB that has become a key pillar of the India diamond industry.
Congratulating the leadership for its role in steering the bourse, as well as those employees who had received long service awards, Mr. Stverlynck said:
“The consolidated knowledge and experience of so many from those at the top to a number of others who contributed in various ways, is an asset to the industry.”
Special long service awards were presented to employees who completed special milestones during the year. These included 30-year, 25-, 15-, 10- and 5-year service awards to a few employees.
Belgian Consul General H. E. Mr. Pierre Stverlynck Graces BDB Annual Day
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Belgian Consul General H. E. Mr. Pierre Stverlynck Graces BDB Annual Day
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