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
GJEPC Leadership Meets Maharashtra CM Shri Devendra Fadnavis To Discuss Key Industry Priorities
Discussions Centred On Fast-Tracking The Maharashtra State Gem & Jewellery Policy 2025, India Jewellery Park Mumbai Progress and Infrastructure Support To Strengthen The State’s Industry Ecosystem
Shri Kirit Bhansali, Chairman, GJEPC and Shri Anoop Mehta, Convenor – Diamond Panel, GJEPC & President, Bharat Diamond Bourse, met Hon’ble Chief Minister of Maharashtra Shri Devendra Fadnavis in Mumbai on 18 May to discuss key priorities concerning the growth and development of the gem and jewellery sector in the state.
The talks focused on initiatives aimed at strengthening Maharashtra’s position as a leading hub for the gem and jewellery industry and enhancing ease of doing business.
A key issue discussed was the implementation of the Maharashtra State Gem & Jewellery Policy 2025, India’s first dedicated policy for the gem and jewellery sector, aimed at attracting investments worth ₹1 lakh crore and creating over 5 lakh jobs. GJEPC urged early notification and operationalisation of the policy, while the Chief Minister assured expedited implementation.
The Council leadership also reviewed progress on India Jewellery Park Mumbai (IJPM), covering infrastructure, site readiness and financial matters, including interest waiver requests, with positive outcomes expected for timely project advancement.
GJEPC further sought a single-window permission system for exhibitions and trade events held in Mumbai, citing IIJS, the world’s second-largest gem and jewellery exhibition.
The Council leadership also requested Metro connectivity extension to the Bharat Diamond Bourse to support 30,000-40,000 daily commuters, which received prompt approval.
Shri Fadnavis extended strong support and commitments towards industry growth, reinforcing government-industry collaboration to boost investment, manufacturing, exports and employment.
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