National News
GJEPC Chairman Meets New Customs Commissioner to Strengthen Trade Facilitation
Mr. Kirit Bhansali welcomes Commissioner Santosh Kumar Mishra, discussing industry challenges and reaffirming collaborative efforts for smoother gem and jewellery trade.
The Gem & Jewellery Export Promotion Council (GJEPC) extended a warm welcome to Mr. Santosh Kumar Mishra, the newly appointed Commissioner of Customs at the Precious Cargo Customs Clearance Centre (PCCCC), during a meeting with Mr. Kirit Bhansali, Chairman of GJEPC.
During the meeting, Mr. Bhansali addressed several critical issues currently affecting exporters and importers in the gem and jewellery sector. He emphasized the need for continued support from the Customs department to ensure streamlined and efficient trade processes.
Commissioner Mishra expressed his appreciation for the constructive dialogue and assured the industry’s stakeholders of his department’s unwavering commitment to enhancing the ease of doing business. He stated, “When you flourish, we flourish, and the country flourishes,” underlining the significance of a strong, collaborative relationship between Customs and trade organizations like GJEPC.
The meeting concluded on a positive note, setting the stage for strengthened cooperation and proactive engagement to address industry concerns and enable seamless operations in India’s gem and jewellery trade ecosystem.
National News
Gold Prices Slump as Fed Rate Cut Optimism Diminishes
Bullion weakens on MCX as fading U.S. rate-cut hopes and firm crude oil prices trigger selling pressure in gold and silver.
Gold prices faced significant selling pressure in early Monday trading as shifting macroeconomic signals dampened investor sentiment. On the Multi-Commodity Exchange (MCX), gold futures dropped over 1% earlier today, driven by fading expectations for Federal Reserve interest rate cuts and the inflationary impact of crude oil sustained above $100 per barrel.
Market Performance Highlights
In early trade, precious metals showed the following movements on the MCX:
- Gold (April Futures): Trading at Rs 1,57,275 per 10 grams (down 0.75%), recovering slightly from a session low of Rs 1,56,655.
- Silver (May Futures): Trading at Rs 2,56,190 per kg (down 1.25%), up from a daily low of Rs 2,55,106.
Domestic Retail Prices
The correction in the futures market has trickled down to physical retail rates across major Indian metros. The price for 24K gold saw an average dip of Rs 49 in early trade.
- 22K Gold (per 10g): Rs 1,45,900
- 22K Gold (per 10g): Rs 1,46,020
- 22K Gold (per 10g): Rs 1,47,590
Key Market Drivers
The current volatility is attributed to two primary factors:
- Hawkish Fed Outlook: Robust economic data has led markets to price in a “higher-for-longer” interest rate environment, reducing the appeal of non-yielding assets like gold.
- Energy Pressure: With crude oil prices holding firm above $100, concerns over persistent inflation are complicating the central bank’s path toward monetary easing.
Despite the intraday decline, gold remains a focal point for investors navigating ongoing geopolitical tensions and global currency fluctuations.
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