International News
Gold near fresh all-time highs ahead of US trading session
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.
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.
Gold Industry Proposes New Strategy To Cut Imports and Boost Local Economy
Massive 11,000-Carat Ruby Uncovered In Myanmar
Kimberley Process Intersessional 2026 Concludes In Mumbai Under India’s Chairship With Focus On Future Of Natural Diamond Sector
Gold Industry Proposes New Strategy To Cut Imports and Boost Local Economy
Massive 11,000-Carat Ruby Uncovered In Myanmar
P N Gadgil Jewellers Reports Record FY26 Revenue Of ₹ 1,07,391 Million; Revenue Surges 39.6% YoY And PAT Grows 87.8%
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National News36 minutes agoGold Industry Proposes New Strategy To Cut Imports and Boost Local Economy
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International News36 minutes agoMassive 11,000-Carat Ruby Uncovered In Myanmar
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National News21 hours agoP N Gadgil Jewellers Reports Record FY26 Revenue Of ₹ 1,07,391 Million; Revenue Surges 39.6% YoY And PAT Grows 87.8%
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National News19 hours agoKimberley Process Intersessional 2026 Concludes In Mumbai Under India’s Chairship With Focus On Future Of Natural Diamond Sector
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