National News
GJEPC seeks government intervention over US reciprocal tariff proposal
Top representatives of India’s gems and jewellery sector have urgently briefed Hon’ble Commerce Secretary Sunil Barthwal, IAS, on the potential repercussions of the United States’ recent notice regarding reciprocal tariffs. The delegation, led by Shaunak Parikh, Vice Chairman, GJEPC, along with Adil Kotwal, President, Seepz Gem & Jewellery Manufacturers’ Association (SGJMA), and Sabyasachi Ray, Executive Director, GJEPC, presented a detailed overview of the industry’s concerns and proposed mitigation strategies.
The briefing aimed to underscore the significant impact the proposed tariffs could have on Indian exports and the broader industry. Satya Srinivas, IRS, Additional Secretary, Ministry of Commerce (MoC), and Dnyaneshwar Patil, Development Commissioner, SEEPZ were also present to offer a comprehensive understanding of the issues at hand.
The US notice, which threatens reciprocal tariffs, has raised concerns within the Indian gems and jewellery sector, a key contributor to the nation’s export revenue. The industry leaders outlined the potential economic fallout and presented specific recommendations to safeguard interests.
National News
Gold, Silver Slip As US Inflation Fuels Fed Rate Hike Concerns
A stronger US dollar, hotter-than-expected inflation data and hawkish signals from the Federal Reserve weighed on precious metals
Gold and silver prices declined on as higher-than-expected US inflation strengthened expectations of a possible Federal Reserve interest rate hike in December.
In international markets, Comex gold futures traded near $3,990 per ounce, while silver stood at around $51.40 per ounce.
Domestic bullion prices also remained under pressure. On the Multi Commodity Exchange (MCX), gold futures traded near Rs.1,39,000 per 10 grams, while silver futures were quoted at approximately Rs.1,82,650 per kg.
The MCX December gold contract opened Rs.434 lower at Rs.1,39,282 per 10 grams, against its previous close of Rs.1,39,716.
A stronger US dollar, hotter-than-expected inflation data and hawkish signals from the Federal Reserve weighed on precious metals. Growing expectations of tighter monetary policy have dampened bullion sentiment, as investors reassess the near-term outlook for gold and silver.
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