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Gold consolidates in the $50 range before a decisive move: Augmont Bullion Report

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Gold prices are consolidating in a range between $2885 and $2935, spurred by a weaker US dollar and safe-haven flows as fears about the US economy grow amid growing trade tensions.

Concerns over a probable economic slowdown were heightened after President Donald Trump stated that the US economy was in a moment of transition while refusing to rule out the chance that his policies would create a recession.

This comes after the United States delayed imposing 25% tariffs on several Canadian and Mexican imports for a month, while Canada maintained its first retaliatory measures. China also levied further duties on some American agriculture products in reaction to Trump’s latest tariff increases on Chinese imports. Meanwhile, Fed Chair Jerome Powell acknowledged increased economic uncertainties but expressed no need to decrease interest rates.

Investors are now looking forward to US inflation statistics later this week, which may impact the Fed’s monetary policy position.

Technical Triggers      

Gold prices are consolidating in a range between $2885(~Rs 85400) and $2935(~Rs 86200), prices need to break this range for decisive move towards upside momentum of $2975 (~Rs 87000). 

Silver May Futures is gaining strength and if sustains above $330(~Rs 96700), the next target is $340(~Rs 100,000), and once it sustains above that, it can head higher towards $350(~Rs 103,000).

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National News

GJEPC Joins Commerce Ministry Delegation To Canada For CEPA Talks

The Delegation Comprises Senior Representatives From More Than 100 Indian Businesses Across Sectors

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Union Commerce & Industry Minister Piyush Goyal is leading a high-level Indian delegation to Canada from 25-27 May to advance discussions on the proposed India-Canada Comprehensive Economic Partnership Agreement (CEPA) and strengthen bilateral trade and investment ties.

Anoop Mehta, Convener – Diamond Panel, GJEPC, is representing the Council as part of the Indian delegation accompanying the Minister. The delegation comprises senior representatives from more than 100 Indian businesses across sectors.

India-Canada bilateral merchandise trade stood at around USD 8.6 billion in FY2024-25, while bilateral services trade reached approximately USD 14.3 billion in 2024. Both countries are aiming to significantly expand trade ties, with a long-term target of USD 50 billion in bilateral trade by 2030. India imported rough diamonds worth USD 62.97 million from Canada in FY2025-26.

During the visit, Goyal is scheduled to meet Canadian Minister of International Trade Mr. Maninder Sidhu, Prime Minister Mr. Mark Carney, senior government officials, business leaders, startups and investment institutions to review progress on CEPA negotiations and explore new avenues for economic cooperation.

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