loader image
Connect with us

International News

Gold near fresh all-time highs ahead of US trading session

Published

on

Gold’s price (XAU/USD) is seeing gains tick up trading near $2,952 at the time of writing, fueled by a weaker US Dollar (USD) and softening US yields in a reaction to the recent German federal election outcome. Although the far-right party Alternative for Germany (AfD) has gained 20% of votes, the Christian Democratic Union of Germany (CDU) is comfortable in the lead with 208 seats against AfD’s 152. US yields dropped off and the CME Federal Reserve (Fed) Futures are now favoring a 25 basis points (bps) rate cut in June, where last week odds were rather for no rate cut in June.

Meanwhile, traders will watch the US Gross Domestic Product (GBP) release for the fourth quarter of 2024 later this week. Given the recent slowdown in US activity and economic data (for example, the softer Services Purchase Managers Index (PMI) reading on Friday), another drop in US yields could be triggered, with markets anticipating the Federal Reserve lowering its monetary policy rate to boost the economy and demand. The US dollar weakened after several reports and economic data points last week revealed that US business activity slowed and consumer confidence waned, with expectations for inflation surging and markets pricing in more rate cuts by the Federal Reserve this year.

Continue Reading
Advertisement JewelBuzz Banner
Click to comment
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

International News

Massive 11,000-Carat Ruby Uncovered In Myanmar

Published

on

A massive 11,000-carat rough ruby has been recovered in the famed gem-rich region of Mogok, Myanmar, according to recent state media reports.

Weighing in at 2.2 kg (4 lbs 14 oz), the newly discovered stone is roughly half the size of the legendary 21,450-carat rough gem found in the same region back in 1996. However, experts and state officials report that this new find boasts vastly superior color, luster, and transparency.

Mogok rubies, sourced from the “Valley of Rubies” in Myanmar (Burma), are legendary for their unrivaled vivid color and supreme clarity. They are famous worldwide for their “pigeon blood” red hue, which is caused by trace elements and microscopic silk particles that scatter light and give the gem a glowing, velvety softness. 

Key Details of the Discovery:

  • Physical Properties: The giant gem exhibits a striking purplish-red color with yellowish undertones, excellent vitreous luster, and moderate transparency. It remains entirely in its natural, untreated state.
  • Geopolitical Context: Myanmar supplies roughly 90% of the world’s rubies. However, the nation has been embroiled in a devastating civil war since a 2021 military coup—a conflict that has claimed approximately 90,000 lives and displaced over 3.5 million people.
Continue Reading

Trending

JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

We would like to hear from you...

GET WHATSAPP NEWS ALERTS

0
Would love your thoughts, please comment.x
()
x