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Gold rebounds amid Mideast tensions, US Fed meeting in focus

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Gold prices climbed on Tuesday as escalating tensions between Israel and Iran boosted demand for the safe-haven asset. Investors are also closely watching the U.S. Federal Reserve’s policy meeting this week. Gold traditionally serves as a refuge during times of geopolitical and economic uncertainty.

The uptick in gold prices follows reports of an Israeli strike on Iran’s state broadcaster and indications from the head of the U.N. nuclear watchdog of extensive damage to Iran’s largest uranium enrichment plant on Monday. These developments have heightened concerns in the Middle East, leading investors to seek the perceived security of gold.

Beyond geopolitical events, markets are also anticipating several central bank monetary policy decisions this week, with the Federal Reserve’s meeting drawing the most attention. The U.S. central bank is broadly expected to keep interest rates unchanged at the conclusion of its policy meeting on Wednesday.

Further underscoring gold’s appeal, holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, increased by 0.15% to 941.93 tonnes on Monday, up from 940.49 tonnes on Friday.

In other precious metals, spot silver saw a modest gain of 0.1% to reach $36.35 per ounce. Conversely, platinum declined by 0.3% to $1,242.03, and palladium eased 0.2% to $1,027.50.

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Indian Consulate In New York Hosts India-USA Virtual Jewellery Exhibition; Facilitated By GJEPC

The Exhibition Brought Together 35 Indian Companies, Many Of Them Micro, Small and Medium Enterprises (MSMEs), Offering US Buyers An Opportunity To Explore Indian Jewellery Collections and Establish Direct Business Connections.

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The Consulate General of India in New York, in collaboration with the Gem & Jewellery Export Promotion Council (GJEPC), organised the India-USA Virtual Exhibition on Gems & Jewellery on 23 October 2026, connecting Indian exporters with American buyers through a digital platform.

The inaugural ceremony featured welcome remarks by Ambassador HE . Binaya S. Pradhan, Consul General of India in New York, an inaugural address by Kirit Bhansali, Chairman, GJEPC, and closing remarks by Rajlakshmi Kadam, Consul (Trade), Consulate General of India, New York.

The exhibition brought together 35 Indian companies, many of them micro, small and medium enterprises (MSMEs), offering US buyers an opportunity to explore Indian jewellery collections and establish direct business connections. The event was designed to help exporters reach new customers and develop partnerships in one of India’s most important markets.

Addressing participants, Kirit Bhansali, Chairman, GJEPC, highlighted the importance of the US market, which accounted for around 30% of India’s gem and jewellery exports, worth nearly US$10 billion, in FY2024-25. He noted that tariff uncertainty had affected trade significantly, with India’s gem and jewellery exports to the US falling by more than 44% between April and December 2025.

However, trade has begun to recover. Between April and September 2026, India’s gem and jewellery exports to the US grew nearly 6% year-on-year to almost US$3 billion, compared with US$2.77 billion in the corresponding period of 2025.

Kirit Bhansali also referred to progress on the proposed India-US Bilateral Trade Agreement, expressing hope that it would provide greater clarity and predictability for exporters and buyers once its terms are finalised.

With the US holiday season approaching, followed by Valentine’s Day and retailers’ sourcing plans for 2027, he urged American buyers to explore India’s manufacturing capabilities across diamonds, coloured gemstones and gold jewellery. He also encouraged buyers to engage directly with participating MSMEs, highlighting their skills, flexibility and ability to meet varied sourcing requirements.

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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.

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