National News
Gold and platinum jewellery exports to US will face 32-34 per cent duty, silver jewellery could be as high as 40.5 per cent
US President Donald Trump’s 27 per cent tariff on gems and jewellery industry will cause a disruption in the industry as US is one of the major exporting destinations for India, says Industry experts.
Gold and platinum jewellery will face 32-34 per cent duty, while silver jewellery could be taxed as high as 40.5 per cent. Other items such as lab-grown diamonds and imitation jewellery will also see significant hikes, going up to 38 per cent.The hike will hurt major categories like cut and polished diamonds and studded gold jewellery, which constitute a large share of exports.
Experts also warn that Indian exporters, especially small businesses, may lose share in US markets to other countries not facing these duties. They urge quick action from Indian policymakers to protect the country’s leadership in the global gems and jewellery trade.
National News
Gold, Silver Decline Further, MCX Silver Crashed To Hit Day’s Low
Globally, Spot Gold Is Struggling, Trading Below The $4,000 Mark and Hitting An 8-Month Low.
MCX gold prices fell by at least Rs 1,416, reaching an intraday low of Rs 1,41,115 per 10 grams. Globally, spot gold is struggling, trading below the $4,000 mark and hitting an 8-month low.
MCX silver took a massive hit, crashing by Rs 5,662 to reach a daily low of Rs 2,22,901 per 1Kg. Spot silver followed a similar trend, plunging nearly 2% to a 7-month low of $57.6 per ounce.
The primary catalyst for this downturn is robust US economic data, which has demonstrated the economy’s resilience and cemented market expectations that the Federal Reserve will implement interest rate hikes this year.
Key economic indicators influencing this shift include:
Strong Employment: The latest JOLTS report revealed that US job openings have surged to a two-year high. Additionally, market analysts are anticipating another solid increase in the upcoming June non-farm payrolls.
Unknown
Persistent Inflation: According to a report by Trading Economics, recent core inflation readings are maintaining levels significantly above the Federal Reserve’s target of 2%.
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