International News
THE UAE ambassador to India visits GJEPC Mumbai
H.E. Dr. Abdulnasser Alshaali, PhD, Ambassador of the UAE to India, visited the GJEPC head office and the Bharat Diamond Bourse (BDB) in Mumbai on 23rd January 2025. He was warmly welcomed by Mr. Kirit Bhansali, Vice Chairman, GJEPC; Mr. Anoop Mehta, President, BDB; Mr. Milan Chokshi, Convener – PMBD, GJEPC; Mr. Mehul Shah, Vice President, BDB; and Mr. Sabyasachi Ray, Executive Director, GJEPC among others.
The Ambassador was accompanied by a delegation comprising Mr. Fahad Albashr, Head of the Economic Affairs Section; Mr. Ahmed Aljneibi, Senior Economic Affairs Specialist; Mr. Humaid Aldhabahi, Head of the Department of Consular and Citizen Affairs; Mr. Geoffrey Flugge, Advisor to the Ambassador; Ms. Gauri Chopra, Analyst from the UAE Embassy; and Dr. Brenton Clark, Project Coordinator, UAE-India CEPA Council.
The discussions focused on leveraging the Indo-UAE Comprehensive Economic Partnership Agreement (CEPA) to enhance bilateral trade in gems and jewellery. Key topics included long-term and multiple entry visas, investment in the India Jewellery Park, boosting trade volumes, and exploring opportunities for greater collaboration across the diamond and jewellery sectors.
- Gold and silver rebounded due to safe-haven demand, while investors awaited the minutes of the Federal Reserve’s most recent policy meeting and the U.S. jobs report, which could provide additional insight into the central bank’s interest rate trajectory.
- Investors are currently waiting for the September non-farm payrolls report, which will be issued on Thursday after being postponed because of the recent U.S. government shutdown, and the minutes from the Fed’s most recent meeting, which are scheduled to be released later in the day.
- Expectations for additional rate reduction from the Federal Reserve were also bolstered by signs of a worsening US job market. Fed Governor Christopher Waller said that companies are talking more about layoffs as they get ready for softer demand and possible productivity improvements from artificial intelligence.
- The likelihood of a 25 bps cut in December is now just about 47% priced into the markets, compared to over 90% a month ago.
Technical Triggers
- Gold has broken an important support of $4050; the next target support is $3950 (~Rs 120,000).
- Silver has broken the important support of $50, the next target support level is around $48.5(~Rs 150,000) and $47(~Rs 145,000).
Support and Resistance
| Category | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3950/oz | $4050/oz |
| Indian Gold | ₹120,000/10 gm | ₹122,000/10 gm |
| International Silver | $52/oz | $50.5/oz |
| Indian Silver | ₹150,000/kg | ₹153,500/kg |
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