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 Prices Slump as Fed Rate Cut Optimism Diminishes
Bullion weakens on MCX as fading U.S. rate-cut hopes and firm crude oil prices trigger selling pressure in gold and silver.
Gold prices faced significant selling pressure in early Monday trading as shifting macroeconomic signals dampened investor sentiment. On the Multi-Commodity Exchange (MCX), gold futures dropped over 1% earlier today, driven by fading expectations for Federal Reserve interest rate cuts and the inflationary impact of crude oil sustained above $100 per barrel.
Market Performance Highlights
In early trade, precious metals showed the following movements on the MCX:
- Gold (April Futures): Trading at Rs 1,57,275 per 10 grams (down 0.75%), recovering slightly from a session low of Rs 1,56,655.
- Silver (May Futures): Trading at Rs 2,56,190 per kg (down 1.25%), up from a daily low of Rs 2,55,106.
Domestic Retail Prices
The correction in the futures market has trickled down to physical retail rates across major Indian metros. The price for 24K gold saw an average dip of Rs 49 in early trade.
- 22K Gold (per 10g): Rs 1,45,900
- 22K Gold (per 10g): Rs 1,46,020
- 22K Gold (per 10g): Rs 1,47,590
Key Market Drivers
The current volatility is attributed to two primary factors:
- Hawkish Fed Outlook: Robust economic data has led markets to price in a “higher-for-longer” interest rate environment, reducing the appeal of non-yielding assets like gold.
- Energy Pressure: With crude oil prices holding firm above $100, concerns over persistent inflation are complicating the central bank’s path toward monetary easing.
Despite the intraday decline, gold remains a focal point for investors navigating ongoing geopolitical tensions and global currency fluctuations.
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