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With December Hike Odds Intact, Can a Midterm Rally Repair Gold, Silver’s Breakdowns?
Macro Snapshot: Gold posted its best week since late August, but it got there on rate relief that had disappeared by Friday. COMEX gold rose 4.5% to $4,074.9 and silver 5.4% to $51.94 while cheaper oil pushed the odds of a December Fed hike down from about 71% on 30 October to 64% ahead of Friday’s payrolls, according to CME FedWatch readings reported by Benzinga and Reuters. The jobs data sent the odds back up to 74.8%, CNBC reported, a
With December Hike Odds Intact, Can a Midterm Rally Repair Gold, Silver’s Breakdowns?
Macro Snapshot: Gold posted its best week since late August, but it got there on rate relief that had disappeared by Friday. COMEX gold rose 4.5% to $4,074.9 and silver 5.4% to $51.94 while cheaper oil pushed the odds of a December Fed hike down from about 71% on 30 October to 64% ahead of Friday’s payrolls, according to CME FedWatch readings reported by Benzinga and Reuters. The jobs data sent the odds back up to 74.8%, CNBC reported, a
Top News
Chow Tai Fook Exploring Diamond Mine Acquisitions
Beijing: Chow Tai Fook Jewellery Group Ltd. (1929) is considering acquiring stakes in diamond mines to secure long-term supply of the gems as it targets growing demand for diamond jewelry in China, reports Bloomberg.com. Several mines around the world have asked Chow Tai Fook to invest, and the company has looked at some Canadian ones, Executive Director Adrian Cheng said
New Surat Diamond Bourse to Come up at Khajod
Surat: The most awaited project of proposed Surat Diamond Bourse has recently got a fillip as the Gujarat government has principally agreed to allot a plot at Khajod, said Mr. Pravin Nanavati, the former president of Southern Gujarat Chamber of Commerce & Industry (SGCCI). The proposed bourse would be spread over 300 acres plot and probable the largest in the
Surat to Become Diamond Trading Centre Soon
Surat: The Union government has given an in-principal approval to India’s first ‘diamond notified region’ in the diamond city of Gujarat. This will enable diamond mining companies from across the world to set-up rough diamond trading offices for direct trading with companies based in Surat and Mumbai, reports The Times of India. A delegation of Gujarat government met the Union
Putin Invited to Visit Surat
Surat: Surat mayor Niranjan Jajmera and the South Gujarat Chamber of Commerce and Industry (SGCCI) president, Mahendra Katargamwala, have formally invited Russian President Vladimir Putin to visit the diamond city during his India tour in December. Formal invites on behalf of the mayor and the SGCCI have been sent through the office of the Russian Ambassador in India, official sources
Seventh Cycle of De Beers Fetches $638 mln.
Gaborone: De Beers raked in $630 million from the seventh rough diamond sales cycle of 2022 compared to $522 million, a year earlier or $638 million during the sixth sales cycle of the year. Group chief executive Bruce Cleaver said rough diamond sales continued at a steady level in the seventh sales cycle of 2022. “In line with normal seasonal
Vipul Shah Elected Chairman, Kirit Bhansali VC of GJEPC
Mumbai: Gem & Jewellery Export Promotion Council (GJEPC), the apex body of the gem & jewellery trade in India, announced the Election Results of the new GJEPC board members for the tenure of 2022-2024 on 30th August 2022. Mr. Vipul Shah, the Vice Chairman of GJEPC for the tenure 2020-22, took charge as the Chairman of GJEPC for the tenure
Alrosa Sells $250m Rough a Month, Despite Sanctions
Moscow: Alrosa is reportedly selling over $250m of diamonds a month, despite sanctions imposed after Russia invaded Ukraine. Sales have resumed, says Bloomberg News, primarily to India, where banks have become more comfortable with transactions in rupees and in currencies other than US dollars, which have been outlawed. Alrosa, the state-controlled miner, is now said to be selling at levels
PGI Expects 50% Growth Rate in India: Pallavi Sharma
Mumbai: Ms. Pallavi Sharma, the visionary Business Director of Platinum Guild International, India (PGI) recently spared some time from her busy schedules to talk to gems2jewellery.com (G2J) about the platinum jewellery growth and PGI’s future business strategy in India. Ansering a query by gems2jewellery.com, Ms. Sharma said, “Within the cluttered jewellery market in the country, PGI has successfully created an incremental
