National News
GJEPC leadership meets Hon’ble Finance Minister to discuss industry growth and key issues
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.
National News
Global and Domestic Precious Metals Trading Under Pressure
The Primary Catalyst Driving This Downturn Is The Surging Cost Of Crude Oil, Which Is Escalating Energy Crisis Fears.
Global and domestic precious metals are trading under pressure as renewed upside momentum in crude oil prices keeps broader inflationary risks elevated.
MCX gold touched an intraday low of Rs 1,44,467 per 10 grams and is down by 1%. Meanwhile, MCX silver price crashed sharply by over 2% to hit an intraday low of Rs 2,044,460 per 1Kg
In international spot markets, gold is down 1.0% and struggling to hold $4,112 per ounce, while spot silver experienced a sharp sell-off of 2.2%, trading around $56.60 per ounce.
The primary catalyst driving this downturn is the surging cost of crude oil, which is escalating energy crisis fears. High energy costs reinforce sticky inflation, prompting expectations that global central banks will maintain restrictive monetary stances for longer.
Because holding non-yielding metals becomes more expensive when interest rates remain elevated, both gold and silver are seeing selling pressure, with silver facing additional headwinds due to concerns surrounding industrial demand.
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