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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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MCX Gold, Silver See Sharp Decline On Surging Crude Oil Prices, Hawkish Fed Reserve

MCX Gold Plunged By Rs 2,200 (Nearly 1.5%) To Trade Near Rs 1.54 Lakh, While MCX Silver Dropped Over Rs 2,400 (Around 1%) To Hit An Intraday Low Below Rs 2.33 Lakh Per Kilogram

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Precious metals experienced a sharp retreat on August 31, 2026, driven by an increasingly hawkish Federal Reserve and surging crude oil prices. In domestic markets, MCX gold plunged by Rs 2,200 (nearly 1.5%) to trade near Rs 1.54 lakh, while MCX silver dropped over Rs 2,400 (around 1%) to hit an intraday low below Rs 2.33 lakh per kilogram. This domestic downturn mirrored steep sell-offs across global spot markets, where gold dropped more than 1% to hover around $4,400 per ounce and silver slipped below the $66 per ounce mark.

Key Drivers Behind the Sell-Off

  • Hawkish Fed Signals: Federal Reserve Chair Kevin Warsh signaled persistent inflation concerns during the Jackson Hole summit, emphasizing that financial conditions remain insufficiently restrictive to reach the 2% inflation target.
  • Rising Rate Hike Odds: Traders are now pricing in a 57% probability of a 25-basis-point rate hike in September, up from roughly 40% last week.
  • Energy & Geopolitical Pressures: US strikes on Iranian rocket launchers near the Strait of Hormuz lifted crude prices, compounding pressure on non-yielding bullion.

Despite the sharp end-of-month pullback, gold remains positioned to close August with a gain of more than 10%, supported by broad-based currency debasement trades.

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