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.
- As investors continued to reduce their bets on US rate cuts, gold prices hovered around a four-week low, staying around $4000.
- While the ISM Services PMI reached an eight-month high, US private ADP payrolls increased by 42,000 in October, above projections of a 25,000 increase. Given that inflation is currently higher than expected and that important labor data is being delayed by the government shutdown, the numbers confirmed forecasts that there is little opportunity for further rate decreases.
- The longest U.S. government closure in history is the result of a congressional impasse, forcing markets and the data-dependent Fed to rely on private sector statistics.
- A number of Fed officials have been speaking in a hawkish manner lately, which is consistent with Chair Powell’s recent comments that the most recent rate cut may be the final one for the year.
Technical Triggers
- Gold prices are expected to consolidate in the range of $3900 (~Rs 117,500) to $4060 (~ Rs 122,500) for the next few days, so buy on dips and sell on rallies.
- Silver prices are expected to consolidate in the range of 45.5(~Rs 140,000) and $49 (~Rs 150,000) for the next few days, so buy on dips and sell on rallies.
Support and Resistance
| Category | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3,900/oz | $4,060/oz |
| Indian Gold | ₹117,500 / 10 gm | ₹122,500 / 10 gm |
| International Silver | $45.5/oz | $49/oz |
| Indian Silver | ₹140,000 / kg | ₹150,000 / kg |
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