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, Silver Prices Ease Ahead Of Fed Decision
A Stronger US Dollar, Easing Geopolitical Tensions, and A Firmer Indian Rupee Added Pressure On Bullion Prices
Gold and silver prices traded lower on Wednesday as investors remained cautious ahead of the US Federal Reserve’s policy decision. A stronger US dollar, easing geopolitical tensions, and a firmer Indian rupee added pressure on bullion prices.
In the domestic market, gold prices remained largely steady in Chennai, with 22K gold at Rs 13,155 per gram and 18K gold at Rs 10,970 per gram.
Silver witnessed sharper losses, falling Rs 5,200 to Rs 2,24,800 per kg in the domestic market after closing at Rs 2,30,000 in the previous session. International spot silver also declined nearly 2% to around $57.24 per ounce.
International gold slipped as traders awaited the Fed’s guidance on inflation and future interest rates, while hopes of improved US-Iran relations reduced safe-haven demand. Ongoing diplomatic talks over the Strait of Hormuz further eased geopolitical concerns.
Market analysts said bullion is likely to remain range-bound until the Fed announces its policy outcome. While interest rates are widely expected to remain unchanged, the central bank’s outlook on inflation and future rate cuts will be closely watched, as it could determine the near-term direction of precious metals.
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