International News
Silver sees record breaking surge on London short squeeze
Silver has stormed past its previous records, touching an unprecedented $53 an ounce, as a dramatic short squeeze in London sent shockwaves through global commodity markets. What’s adding fuel to the frenzy is a liquidity crunch in London, where traders are scrambling to source physical metal.
Spot silver spiked as much as 1% to $52.8983 an ounce. Silver price in Mumbai touched Rs 1,85,100 per kg. Silver lease rates — which represent the annualized cost of borrowing metal in the London market — surged to more than 30% on a one-month basis on Friday, creating eye-watering costs for those looking to roll over short positions.
Behind silver’s rally were concerns over a depleting silver inventory in London, which drove prices to a premium over those seen in New York and prompted traders to ship metals across the Atlantic for a profit. As of Monday, the premium was at about $1.60 an ounce.
The silver market “is less liquid and roughly nine times smaller than gold’s, amplifying price moves. Without a central bank bid to anchor silver prices, even a temporary pullback in investment flows could trigger a disproportionate correction, as it would also unwind the London tightness that drove much of the recent rally.
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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