International News
MCX Gold, Silver Rise Despite Global Weakness; US Data, Iran Tensions Keep Bullion Markets On Edge
While Domestic Gold and Silver Prices Edged Higher On MCX, International Spot Gold Slipped Amid Uncertainty Over US-Iran Negotiations, Inflation Concerns
Gold and silver prices witnessed mixed momentum on May 28, with domestic futures on the Multi Commodity Exchange (MCX) trading marginally higher even as international spot gold prices remained under pressure. The divergence reflects cautious investor sentiment amid ongoing geopolitical tensions, uncertainty surrounding US-Iran peace negotiations, and expectations of tighter monetary policy in the United States.
MCX gold futures for June delivery rose modestly by Rs. 215 to Rs. 1,57,898 per 10 grams, while silver futures for July delivery gained Rs. 2,000 to trade at Rs. 2,72,628 per kilogram in early trade. The domestic uptick was supported by weakness in the US dollar and cautious positioning ahead of key macroeconomic developments.
However, global spot gold prices extended losses for a second consecutive session as investors remained wary of the inflationary impact of elevated energy prices and the possibility of prolonged geopolitical instability in the Middle East. Analysts noted that fading hopes of a near-term diplomatic breakthrough between the US and Iran have revived concerns around oil supply disruptions, higher crude prices, and inflation risks — factors that continue to influence precious metals.
According to market experts, gold has struggled to regain strong upside momentum despite its safe-haven appeal, as rising US bond yields and a firmer dollar have reduced investor appetite for non-yielding assets like bullion. Silver, meanwhile, remained under pressure globally after recent military developments in southern Iran weakened expectations of an immediate resolution to regional tensions.
Investors are now closely watching key US macroeconomic indicators, including ADP employment figures, GDP growth data, and the Personal Consumption Expenditures (PCE) inflation index — the Federal Reserve’s preferred inflation gauge. These data points are expected to offer fresh direction on the Fed’s interest rate trajectory, which remains a crucial driver for gold and silver prices.
With geopolitical risks still elevated and inflation concerns persisting, bullion markets are expected to remain volatile in the near term as traders await clearer signals on both diplomacy and monetary policy.
International News
CIBJO Alert: Fraudsters Offering Gold-Related Business Deals Under The CIBJO Name
Fraudsters Have Set Up A Domain, cibjo-as.org, and A Person Identifying Himself As Bruce Ikemezu Claims Association With the Site
The World Jewellery Confederation (CIBJO) has alerted the trade to a fresh wave of fraud after impersonators registered a website and began offering gold-related business deals under the organization’s name.
CIBJO said became aware of claims strikingly similar to an earlier scam exposed in January. This time fraudsters have set up a domain, cibjo-as.org, and a person identifying himself as Bruce Ikemezu claims association with the site, the confederation reported.
Unlike CIBJO — a nonprofit representative association that does not trade in physical commodities or financial instruments — the impostors appear to be promoting commercial activity. CIBJO does not trade in any commercial products, the secondhand gold market, nor financial instruments such as gold futures, the organization said in a statement.
CIBJO has no connection to ‘cibjo-as.org’ or Bruce Ikemezu. Any persons making claims in CIBJO’s name are not authorized to do so, and quite possibly could be committing a criminal act.
The confederation said it has filed formal complaints with law-enforcement authorities in multiple countries and urged industry members to exercise caution. Businesses approached with unusual offers should carry out rigorous due diligence before making payments or sharing sensitive information, CIBJO advised. Members who are contacted by individuals claiming to represent CIBJO were told to verify credentials with the CIBJO secretariat.
This alert follows a similar incident in January when an Indian-Japanese group falsely claimed a gold-trading affiliation with CIBJO, highlighting an ongoing pattern of bad actors exploiting the confederation’s name to lend credibility to fraudulent schemes.
Industry parties and buyers are warned to treat unsolicited offers that invoke CIBJO with skepticism and to report suspicious activity to both CIBJO and local authorities.
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