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MCX Gold declines On Firmer US Dollar

A strengthening US dollar exerted downward pressure on bullion futures, curbing immediate upside momentum in the domestic market

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Gold prices on the MCX registered a minor pull-back today, with August delivery contracts trading around Rs 1,42,376 per 10 grams. The yellow metal experienced a modest decline ranging between 0.31% and 0.75% over the course of the trading session, influenced primarily by a firmer US dollar and shifting risk appetites among global investors.

During the session, MCX gold futures opened lower at Rs 1,42,392 per 10 grams before moving within a defined intraday range, reaching a high of Rs 1,42,518 and testing a low of Rs 1,41,742. The contract ultimately stabilized around Rs 1,42,376 per 10 grams, reflecting a total session decline ranging between 0.31% and 0.75%.

Market Drivers & Insights

  • Stronger US Dollar: A strengthening US dollar exerted downward pressure on bullion futures, curbing immediate upside momentum in the domestic market.
  • Shifting Investor Sentiment: Global macro sentiment caused short-term position realignments across precious metal contracts.
  • Intraday Range Bound Trading: Despite opening lower at Rs 1,42,392, solid buying support near the Rs 1,41,742 low helped prices recover towards the Rs 1,42,518 session high before settling near Rs 1,42,376.
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National News

India’s Consul General To Dubai Visits GJEPC Headquarters

GJEPC briefed CG on the Indian gem and jewellery industry’s scale, global leadership in manufacturing, export outlook and the sector’s roadmap for future growth

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Vishnu Vardhan Reddy, Consul General of India to Dubai, visited the GJEPC headquarters in Mumbai on 24th July for an interaction with industry leaders to gain a deeper understanding of the sector and its engagement with the UAE.

The UAE is India’s largest trading partner in gems and jewellery, with bilateral trade reaching US$33.51 billion in FY2025-26.

The Consul General was welcomed by Kirit Bhansali, Chairman, GJEPC, along with Shaunak Parikh, Vice Chairman; Manish Jiwani, Convenor – MSME; Ashish Borda, Convenor – PMBD; Mital Doshi, Convenor – BITC; Bharat Ghori, Co-Convenor – MSME; and Mr. Sabyasachi Ray, Executive Director, GJEPC.

GJEPC briefed Mr. Reddy on the Indian gem and jewellery industry’s scale, global leadership in manufacturing, export outlook and the sector’s roadmap for future growth. Discussions also covered GJEPC’s role in trade promotion, policy advocacy, international exhibitions and infrastructure development to strengthen India’s position as a global jewellery manufacturing and trading hub.

Given Dubai’s strategic importance to the industry, the meeting focused on the India-UAE gem and jewellery trade ecosystem, evolving supply chains, trade and logistics, banking and financing, and opportunities to deepen bilateral cooperation. The delegation also outlined policy initiatives aimed at enhancing India’s competitiveness in global trading and value addition.

Reddy said the visit provided him with valuable insights into the industry’s priorities and challenges, and expressed his willingness to work closely with GJEPC and the trade to strengthen India’s gem and jewellery partnership with Dubai and the wider UAE.

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