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GJEPC leadership meets Hon’ble Finance Minister to discuss industry growth and key issues

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The leadership of the GJEPC met with the Hon’ble Finance Minister, Smt. Nirmala Sitharaman, to discuss pressing issues and the way forward for the gem and jewellery industry. Kirit Bhansali, Chairman, GJEPC, and  Shaunak Parekh, Vice Chairman, GJEPC, along with  Sabyasachi Ray, Executive Director, GJEPC, engaged in a courtesy meeting with the Hon’ble Minister, highlighting key challenges faced by the industry.

The discussions focused on the inclusion of India Jewellery Park, Mumbai in the harmonised infrastructure list to accelerate industry growth. The leadership also extended an invitation to the Hon’ble Minister to visit the Indian Institute of Gems & Jewellery (IIGJ) Udupi, showcasing the industry’s commitment to skill development and employment generation.

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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

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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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