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Gold continues its winning streak : Augmont Bullion report

Gold continues its winning streak

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Gold maintains its winning streak above $3025 (~Rs 88500) as Trump’s tariffs are projected to exacerbate inflation and economic turmoil. Trump said he would hold Iran accountable for any strikes carried out by the Houthi group it supports in Yemen, as his administration escalated the largest US military operation in the Middle East since Trump came to the White House.

Central banks’ accumulation of gold reserves, inflation concerns, and rising demand after the pandemic have contributed to the surge in gold prices.

The Fed is expected to maintain its benchmark interest rate in the 4.25%-4.50% range after its two-day policy meeting on Wednesday.

Technical Triggers      

Gold Apr Futures after achieving the $3000 (~Rs 88000) milestone, now is expected to extend this run up towards $3035 (~Rs 88800) and $3080 (~Rs 90000) in the coming weeks. After that, we can see some retracement and profit-booking, which can extend down to $2800 and $2700 maximum.While Silver May Futures has also climbed above $34(~Rs 100,000) on strong demand, the next resistance for the prices is $35(~Rs 103,000).

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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

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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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