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MCX Futures Surge On Sharp Retreat In Crude Oil Prices and Cooling U.S. Inflation Data

Traders Expect Indian Precious Metal Demand To Remain Supported Heading Into The Navratri Festival Season

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Indian precious metals prices jumped on Thursday, tracking spot market gains, as a sharp retreat in global crude oil prices and cooling U.S. inflation data eased expectations of further aggressive central bank rate hikes.

MCX gold futures surged by 1,000 rupees, briefly reclaiming the key 150,000 rupee mark in early trade before trimming gains slightly.Silver futures advanced by 2,200 rupees, or 1%, scaling back above 226,000 rupees per kilogram.

On the domestic front, traders expect Indian precious metal demand to remain supported heading into the Navratri festival season, though investors remain attentive to the upcoming Reserve Bank of India (RBI) monetary policy decision for local directional cues.

The rally mirrored gains in global benchmark markets, where spot gold rose 1% to top $4,175 per ounce, while spot silver outperformed with a 1.2% rise to trade around $61 per ounce.

The surge in safe-haven demand came as global oil benchmark crude prices slipped 1% to 1.5%, driven by recovering shipment volumes. U.S. West Texas Intermediate (WTI) crude fell below $90 per barrel, while Brent crude dipped below $96 per barrel.

Adding momentum to bullion was cooler-than-expected U.S. economic data. The latest U.S. Personal Consumption Expenditures (PCE) price index rose 0.3% in August against expectations of 0.4%, pulling headline PCE inflation down to 3.4%. Core PCE rose 0.2%, below the 0.3% forecast.

The softer inflation prints cooled rate hike anxieties, driving market projections for an October rate increase down to 38%, from earlier expectations above 70%.

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GJEPC Conducts Retailers’ Connect and Export Awareness Seminar In Ahilyanagar

The Programme Aimed To Strengthen The Region’s Participation In International Trade Under The Districts As Export Hubs (DEH) Initiative.

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GJEPC, in association with the Ahilyanagar Gold Jewellers Council and Gold Cluster, organised an IIJS Retailers’ Connect and Export Awareness Seminar in Ahilyanagar, Maharashtra, on 29 September 2026.

The programme aimed to strengthen the region’s participation in international trade under the Districts as Export Hubs (DEH) initiative. Ahilyanagar has a long-standing base of skilled karigars and traditional jewellery manufacturing and was among the early regions in Maharashtra to be formally developed as an MSME Gold Jewellery Cluster under the DEH and Micro & Small Enterprises – Cluster Development Programme (MSE-CDP).

During the IIJS Retailers’ Connect session, Naheed Sunke, Assistant Director, GJEPC, introduced IIJS Signature 2027 as a major B2B sourcing platform for jewellery designs, technology and business networking. She encouraged jewellers from Ahilyanagar to participate through an official delegation.

The export awareness session was led by Mithilesh Pandey, Senior Director, GJEPC, who outlined export opportunities available to local manufacturers and retailers, along with government schemes and policy mechanisms that can support their entry into international markets.

The session covered export benefits available under the DEH initiative and preferential trade opportunities through India’s free trade agreements, including the UAE CEPA, India-Australia ECTA and India-EFTA TEPA. Participants were also briefed on simplified procedures for courier-based e-commerce exports, collateral-free loans under PM Vishwakarma, and grants available for Common Facility Centres (CFCs).

GJEPC also highlighted its support ecosystem for businesses seeking to expand internationally. This included the benefits of Registration-Cum-Membership Certificate (RCMC), exporter mentorship programmes such as Niryat Disha and Niryat Protsahan, international showcasing opportunities through IJEX Dubai, access to the India Jewellery Park Mumbai (IJPM) ecosystem, and Parichay Cards for artisans.

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