International News
Silver retreats Rs 9000/kg from its record high AUGMONT BULLION REPORT
- Prices of gold and silver fell as the US dollar appreciated and investors profited from the announcement that Israel and Hamas had reached an agreement on the first stage of a ceasefire plan.
- Federal Reserve officials agreed that the dangers to the U.S. labour market were significant enough to justify a rate cut, but they remained cautious due to persistent inflation, according to minutes of the U.S. central bank’s September meeting that were made public on Wednesday.
- Due to political unrest in France and Japan, as well as the ongoing government shutdown in the United States, markets have struggled this week. As a result, investors have turned to gold for safety.
Technical Triggers
- As the gold prices fell more than $100, volatility is very high. If gold futures sustain below yesterday’s low of $3958 (~Rs 120,200), we can say, top has been made, and a correction will follow for at least 4-5%.
- Silver achieved the target of $50 (~Rs 153,000). And then prices retreated by almost Rs 9000 from their high in volatile momentum. Yesterday’s low of $46.90 (~Rs 145,000) is a very strong support. If Silver futures sustain below this level, we could see more correction or profit booking by at least 4-5%.
Support and Resistance
| Metal | Market | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $3850/oz | $4100/oz |
| Gold | Indian | ₹117,000/10 gm | ₹124,000/10 gm |
| Silver | International | $47/oz | $50/oz |
| Silver | Indian | ₹145,000/kg | ₹150,000/kg |
International News
Kerala Jewellers Account For Approximately 20% Of The Total Gold Trade In UAE:K. Surendran
State President of KGSMA Highlighted The Strong Presence and Growing Economic Impact Of Kerala’s Retail Gold Sector In The Region.
Kerala jewellers account for approximately 20% of the total gold trade in the United Arab Emirates, according to K. Surendran, State President of the Kerala Gold and Silver Merchants Association (KGSMA).
Speaking at the General Body Meeting of the Dubai Kerala Jewellery Association held at the Novotel Hotel in the Dubai Gold District, Surendran highlighted the strong presence and growing economic impact of Kerala’s retail gold sector in the region.
The meeting was presided over by Association President Muneer Thangals, with KGSMA State General Secretary Adv. S. Abdul Nazar delivering the keynote address.
Key discussions during the session focused on:
Business Opportunities: Capitalizing on emerging trends within the UAE gold and jewellery retail landscape.
Industry Challenges: Addressing operational and trade issues faced by Kerala-origin jewellers in Dubai.
Member Welfare: Strengthening support networks and welfare initiatives for trade community members.
The event featured addresses from prominent industry leaders, including Dubai Kerala Jewellers Association General Secretary Mujeeb Rahman Tajvi, Treasurer Shuhaib Zia, KGSMA State Vice President Faisal Amin, Legal Advisor Adv. Abraham P. John, alongside Shameer A.G.D., C.K. Nasi, and Rafeeq Maharaja.
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