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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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Domestic Gold Futures Decline On Weak Spot Demand and A Stronger US Dollar

International bullion remains on track for a positive monthly close.Geopolitical tensions, safe-haven interest, and US interest-rate expectations continue to floor global prices.

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Domestic gold futures dipped to Rs. 1,44,022 per 10g under pressure from weak spot demand and a stronger US dollar. In contrast, physical spot gold in Delhi’s retail market edged up by Rs. 300 to reach Rs. 1,48,300 per 10g, bolstered by fresh buying from retailers and jewellers. Meanwhile, domestic silver (inclusive of taxes) held firm and unchanged at Rs. 2,24,700 per kg, reflecting range-bound trading amid mixed market cues.

Domestic Strength vs. Futures Pressure

  • Spot Demand Near Highs: Domestic physical gold hovered near record levels, getting a boost from fresh retail purchases and jeweller demand in Delhi.
  • Futures Soften: MCX/Domestic futures experienced downward pressure driven by a stronger US dollar and localized spot weakness.

2. Global Bullion Dynamics

  • First Monthly Gain in 5 Months: Despite mild profit-taking, international bullion remains on track for a positive monthly close.
  • Core Support: Geopolitical tensions, safe-haven interest, and US interest-rate expectations continue to floor global prices.

3. Macro Headwinds: Crude Oil & US Data

  • Crude Oil Rebound: Rising Brent and WTI prices revived broader inflation worries, dampening investor risk appetite for gold and capping upside potential.
  • Fed Rate Triggers: Markets are sitting tight ahead of crucial US economic indicators, specifically consumer sentiment, inflation expectations, and employment cost data.
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