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.
International News
MCX Gold Higher On Ceasefire Hopes, Crude Oil Price Dip
Globally, A Softer US Dollar and Sliding Energy Prices Provided A Strong Tailwind For Precious Metals
Renewed expectations of a diplomatic resolution to Middle Eastern conflicts sent ripples through the commodities market on June 3. On the MCX, June gold futures rose 0.26% to Rs. 1,58,930 per 10 grams, while July silver futures saw a modest 0.07% bump to Rs. 2,63,150 per kg. Conversely, physical retail gold saw a marginal dip, with 24K gold landing at Rs. 1,56,110 per 10 grams in Mumbai and Kolkata, Rs. 1,56,260 in Delhi, and Rs. 1,57,970 in Chennai.
Globally, a softer US dollar and sliding energy prices provided a strong tailwind for precious metals on Thursday. Spot gold advanced 0.4% to $4,450.16 per ounce, while August futures settled at $4,477. In contrast, crude benchmarks trended downward as geopolitical risks premium eased; Brent crude fell 0.85% to $96.87 a barrel, and WTI dropped 0.95% to $95.11. Other precious metals also closed in positive territory, with spot silver, platinum, and palladium gaining 0.8%, 0.2%, and 0.5% respectively.
Lesotho’s Kao Diamond Mine To Halt Operations Amid Industry Slump
MCX Gold Higher On Ceasefire Hopes, Crude Oil Price Dip
GIA To Open London Campus In August, Enrolling Students For Classes Beginning In August 2026
Harit Zaveri Jewellers Celebrates A Bride’s Royal Spirit In An Indian Wedding With Its New Polki Collection
Ekta Kapoor Turns Investor, Targets India’s $70 Billion Jewellery Opportunity With Ekatra Jewels
Treasures By Tiara Unveils Mumbai Flagship and Café Concept At Cumballa Hill
-
National News6 hours agoHarit Zaveri Jewellers Celebrates A Bride’s Royal Spirit In An Indian Wedding With Its New Polki Collection
-
GlamBuzz9 hours agoEkta Kapoor Turns Investor, Targets India’s $70 Billion Jewellery Opportunity With Ekatra Jewels
-
National News10 hours agoTreasures By Tiara Unveils Mumbai Flagship and Café Concept At Cumballa Hill
-
National News1 day agoGJC Addresses HUID Data Exposure Issue With BIS, Corrective Measures Are Currently Being Initiated
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.