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Gold, Silver Prices Edge Lower On MCX On Prospect Of Prolonged High Interest Rates From The U.S. Fed

MCX Gold August Futures Traded Near ₹1.59 Lakh Per 10 Grams, While Silver Futures Hovered Around ₹2.64 Lakh Per Kilogram

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Gold and silver prices edged lower on the Multi Commodity Exchange (MCX) Wednesday, as the prospect of prolonged high interest rates from the U.S. Federal Reserve countered safe-haven demand stoked by escalating geopolitical tensions in West Asia.

MCX Gold August futures traded near Rs. 1.59 lakh per 10 grams, while silver futures hovered around Rs. 2.64 lakh per kilogram. In physical markets, 24-carat gold quoted at roughly Rs. 1.56 lakh per 10 grams.

The bullion market is currently caught in a sharp macroeconomic crosscurrent:

  • The Bearish Drag: U.S. job openings unexpectedly surged in April, signaling economic resilience. This stronger data reinforced expectations that the Federal Reserve will maintain its “higher-for-longer” interest-rate stance, dulling the appeal of non-yielding assets like gold.
  • The Geopolitical Floor: Crises in West Asia—specifically involving Israel, Iran, and U.S. forces near the critical Strait of Hormuz shipping lane—continue to support safe-haven buying. This tension, paired with Brent crude oil hovering near $96 per barrel, has stoked fresh global inflation fears.

Historically, high inflation acts as a tailwind for gold. However, analysts note that the current environment is unique: the threat of crude-driven inflation is being interpreted by the market as a reason for the Fed to defer rate cuts, ultimately capping gold’s upside.

MCX gold has pulled back nearly 4% over the past two weeks, pressured by a strengthening U.S. dollar, However, the August contract continues to hold crucial technical support above Rs. 1.57 lakh per 10 grams.

Silver has shown greater relative resilience, trading firmly within a broad range of Rs. 2.61 lakh to Rs. 2.77 lakh per kilogram, keeping the gold-to-silver ratio near the 59–60 mark.

The Bottom Line: Bullion is likely to remain tightly range-bound in the immediate term. Traders are looking ahead to a cluster of major U.S. macroeconomic indicators this week—including the ADP employment report, ISM Services PMI, and Friday’s pivotal non-farm payrolls data—to provide the next decisive directional cue.

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National News

Abaran Timeless Jewellery Champions Heritage Conservation To Safeguard Traditional Craftsmanship

Support For Hastashilpa Heritage Village Reflects A Commitment To Preserving India’s Architectural and Artisanal Legacy For Future Generations.

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As India’s historic buildings continue to face mounting pressure from urbanisation, redevelopment, and changing lifestyles, concerns are growing not only about the loss of architectural landmarks but also the disappearance of the traditional skills and craftsmanship that created them. Recognising this challenge, Abaran Timeless Jewellery has extended its support to Hastashilpa Heritage Village, reinforcing the importance of preserving cultural heritage and artisanal knowledge.

Through the Abaran Foundation, the philanthropic arm of the Bengaluru-based jewellery house, the company supports a range of initiatives spanning education, healthcare, community welfare, arts, and heritage conservation. Its association with Hastashilpa Heritage Village reflects a deeper commitment to protecting India’s rich cultural legacy beyond the jewellery industry.

Located in Manipal, Hastashilpa Heritage Village is regarded as one of India’s most significant heritage conservation projects. Founded by conservationist Vijaynath Shenoy, the village has successfully rescued and reconstructed traditional homes from across coastal Karnataka, preserving architectural styles and craftsmanship that may otherwise have been lost to neglect or redevelopment.

The conservation process shares many similarities with the art of jewellery making. Every carved beam, decorative element, and handcrafted detail requires meticulous documentation, restoration, and respect for traditional techniques. Much like restoring an heirloom jewel, preserving heritage architecture demands both technical expertise and cultural sensitivity.

For Pratap Kamath, Managing Director of Abaran Timeless Jewellery, the initiative holds personal significance. He noted that the heritage village is located in Udupi, where Abaran was originally founded by his grandfather, Sri Sadanand Kamath. According to Pratap Kamath, the company was inspired by the efforts to preserve heritage homes that might otherwise have vanished as younger generations moved away in search of new opportunities.

His observations reflect a wider concern within the luxury and craft sectors. Whether restoring a centuries-old structure or creating a handcrafted jewel, both disciplines depend on knowledge and expertise that cannot be easily replicated through mass production. Once lost, such skills are extremely difficult to recover.

At the same time, consumers are increasingly drawn to brands that demonstrate authenticity, cultural relevance, and a commitment to preserving heritage. As a result, heritage conservation is evolving from a philanthropic activity into an important reflection of a brand’s values and identity.

Initiatives such as Hastashilpa Heritage Village serve as an important reminder that heritage extends beyond products—it also includes the ecosystems of craft, culture, knowledge, and tradition that make those creations possible.

As India’s architectural treasures and jewellery traditions navigate similar challenges, efforts to preserve one may ultimately help protect the other, ensuring that valuable skills and cultural legacies continue to inspire future generations.

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