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Gold rallies 4%, silver soars over 5% on MCX as dollar weakens and oil prices ease

MCX gold surged to ₹1,44,434 per 10g while silver jumped over 5.5%, supported by easing inflation concerns and improving geopolitical sentiment.

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Gold and silver prices snapped a sharp two-session losing streak on Wednesday, as a retreating U.S. dollar and cooling crude oil prices reignited appetite for precious metals.

On the Multi Commodity Exchange (MCX), gold futures for June delivery jumped 4% to hit an intraday high of Rs.1,44,434 per 10 grams. Silver outpaced its yellow counterpart, surging more than 5.5% to trade near Rs.2,36,137 per kilogram. The rebound follows a brutal week of selling that saw bullion prices correct nearly 13% from recent highs amid a global liquidity squeeze.

The sudden reversal in sentiment was fueled by a convergence of three key macroeconomic shifts:

  • Weakening Greenback: The U.S. Dollar Index (DXY) slipped to 99.34, making dollar-denominated assets more affordable for international buyers.
  • Crude Oil De-escalation: Brent crude fell below the psychologically significant $100-per-barrel mark, trading near $96. Easing energy costs have tempered fears of “sticky” inflation, allowing traders to price in a more dovish stance from central banks.
  • Geopolitical Thaw: Reports of potential diplomatic breakthroughs between Washington and Tehran—including a rumored 15-point peace proposal—reduced the immediate “war premium” on the dollar, shifting capital back into oversold commodities.

Market Impact and Outlook

The rally extended into the exchange-traded fund (ETF) space, where silver ETFs saw gains of up to 11%. Analysts note that while the long-term trend remains volatile, the “buy the dip” mentality has returned as gold holds key support at the Rs.1,41,000 level.

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National News

Heer by GIVA Launches First Offline Store with ‘Alfaaz-e-Heer’ Poetry Night

An evening of shayari, stories, and celebration featuring Priya Malik

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Heer by GIVA, GIVA’s gold and lab-grown diamond jewellery brand, celebrated the launch of its first offline store with ‘Alfaaz-e-Heer’, an evening of poetry, stories, and celebration that brought together creators, fashion enthusiasts, and members of the growing Heer community.

The launch event featured a special Shayari Night with Priya Malik, whose evocative verses set the tone for an evening rooted in expression, individuality, and storytelling, values that lie at the heart of the Heer brand. The celebration also included a lively Trivia Night and launch party, creating an engaging and immersive experience for guests as they explored Heer’s jewellery collections.

Designed as more than a traditional store opening, ‘Alfaaz-e-Heer’ reflected the brand’s philosophy that jewellery is not just an adornment but a form of personal expression. Through poetry, conversations, and community moments, the evening celebrated the many voices and stories that define Heer’s identity.

The new store offers customers the opportunity to experience Heer by GIVA’s gold and lab-grown diamond jewellery collections in a thoughtfully designed retail environment that brings the brand’s contemporary and expressive spirit to life.

On the debut of the store, Resha Jain, Chief Brand Officer at GIVA, said: “Heer has always been about celebrating individuality and the many voices of modern India. With the launch of our first offline store, we wanted to create an experience that reflects the soul of the brand, expressive, personal, and rooted in culture. Alfaaz-e-Heer was our way of bringing that spirit alive, where poetry, community, and jewellery come together to celebrate self-expression.”

The opening of Heer by GIVA’s first offline store marks an important milestone in the brand’s journey as it continues to expand its presence and deepen engagement with its growing community. While the brand has built strong resonance with customers through its digital-first approach, the move into physical retail enables Heer to create more immersive brand experiences and stronger community connections.

As the demand for contemporary fine jewellery continues to grow, Heer by GIVA aims to strengthen its presence through curated retail spaces that bring customers closer to the brand’s design philosophy and storytelling.

The store spans over 815 sq. ft. of retail space, along with an additional 230 sq. ft. dedicated to back-office operations, creating a seamless experience for both customers and the in-store team.

With ‘Alfaaz-e-Heer’, the brand not only celebrated a new retail chapter but also reaffirmed its vision of creating a community where jewellery becomes a language of identity, expression, and modern storytelling.

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