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Precious metals scale to a new high again AUGMONT BULLION REPORT

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  • Gold and Silver continue their uptrend, setting new all-time highs as investors anticipate two interest rate cuts in early 2026.
  • Fed Governor Christopher Waller, a strong candidate for the Fed chairman, expressed support, saying US borrowing costs should be reduced by up to one percentage point. Waller cautioned that job growth has fallen to near-zero levels and advocated for gradual rate decreases next year to assist boost employment.
  • Meanwhile, geopolitical tensions are rising, as theUS moved to halt all sanctioned Venezuelan oil shipments following last week’stanker seizure and military deployment, while in Ukraine, Russian President Vladimir Putin reiterated his firm stance on territorial demands, even as Washington intensified efforts to broker a diplomatic resolution.
  • The market is now focused on the delayed CPI report, BOE rate decision, and ECB rate decision, all of which are due later today.

Technical Triggers        

  • As suggested, Gold has touched the resistance of $4380 (~Rs 135,000), rising from support $4300 (~Rs 133,000) this week. Now prices are expected to consolidate in this same range. Either side breakout or breakdown will infuse a 2-3% rally.
  • As suggested, Silver has touched the resistance of $67 (~Rs 208,000). Prices are expected to consolidate at these levels. The uptrend is expected to continue if prices are trading above $62 (~Rs 194,000) support. Next target resistance is $70 (~Rs 218,000) and $72 (~Rs 224,000).

Support and Resistance

MetalMarketSupport LevelResistance Level
GoldInternational$4380/oz$4300/oz
GoldIndian₹133,000 / 10 gm₹135,500 / 10 gm
SilverInternational$62/oz$67/oz
SilverIndian₹194,000 / kg₹208,000 / kg
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National News

GJC Delegation Meets RBI Deputy Governor, Makes GMS Presentation

The Proposal Was Acknowledged As An Innovative Initiative With The Potential To Become A Game Changer For The Industry and The Nation.

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A GJC delegation comprising Vice Chairman Avinash Gupta, Legal Consultant CA Bhavin Mehta, and National Secretary Mitesh Dhorda met with Shirish Chandra Murmu, Deputy Governor of the Reserve Bank of India,  along with his senior team.

During the meeting, the delegation made a detailed presentation on the proposed Gold Monetization Scheme (GMS). The RBI team appreciated the concept of the scheme. The proposal was acknowledged as an innovative initiative with the potential to become a game changer for the industry and the nation.

GJC remains committed to working closely with all stakeholders —including the government, banks, jewellers, gold depositors, and temple trusts—in the larger national interest and for the sustainable growth of the GJ industry.

The Gold Monetization Scheme (GMS) in India was launched with the primary objective of reducing gold imports by mobilizing the vast amount of idle gold held by households, institutions, and temple trusts, thereby decreasing the country’s heavy reliance on gold imports. By encouraging depositors to bring their unused gold into the formal banking system, the scheme puts this dormant gold into productive economic purposes, such as meeting the needs of jewellers and industries without requiring fresh imports.

Additionally, the scheme allows depositors to earn interest on their gold deposits instead of keeping gold idle at home, transforming a non-yielding asset into an income-generating investment while simultaneously strengthening India’s gold supply chain and reducing the trade deficit.

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