National News
Gold consolidates in the $50 range before a decisive move: Augmont Bullion Report
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).
National News
India’s Consul General To Dubai Visits GJEPC Headquarters
GJEPC briefed CG on the Indian gem and jewellery industry’s scale, global leadership in manufacturing, export outlook and the sector’s roadmap for future growth
Vishnu Vardhan Reddy, Consul General of India to Dubai, visited the GJEPC headquarters in Mumbai on 24th July for an interaction with industry leaders to gain a deeper understanding of the sector and its engagement with the UAE.
The UAE is India’s largest trading partner in gems and jewellery, with bilateral trade reaching US$33.51 billion in FY2025-26.
The Consul General was welcomed by Kirit Bhansali, Chairman, GJEPC, along with Shaunak Parikh, Vice Chairman; Manish Jiwani, Convenor – MSME; Ashish Borda, Convenor – PMBD; Mital Doshi, Convenor – BITC; Bharat Ghori, Co-Convenor – MSME; and Mr. Sabyasachi Ray, Executive Director, GJEPC.
GJEPC briefed Mr. Reddy on the Indian gem and jewellery industry’s scale, global leadership in manufacturing, export outlook and the sector’s roadmap for future growth. Discussions also covered GJEPC’s role in trade promotion, policy advocacy, international exhibitions and infrastructure development to strengthen India’s position as a global jewellery manufacturing and trading hub.
Given Dubai’s strategic importance to the industry, the meeting focused on the India-UAE gem and jewellery trade ecosystem, evolving supply chains, trade and logistics, banking and financing, and opportunities to deepen bilateral cooperation. The delegation also outlined policy initiatives aimed at enhancing India’s competitiveness in global trading and value addition.
Reddy said the visit provided him with valuable insights into the industry’s priorities and challenges, and expressed his willingness to work closely with GJEPC and the trade to strengthen India’s gem and jewellery partnership with Dubai and the wider UAE.
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