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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
Rio Tinto Gifts Australian Diamonds to Smithsonian Institution
Washington: Rio Tinto has announced a donation of a significant sample of Australian rough diamonds to the Smithsonian Institution in Washington DC, the world’s largest museum and research complex and home to the most notable diamonds and diamond jewellery in the world. At an event at the Australian Embassy hosted by The Honourable Kim Beazley, Australian Ambassador to the Unites
Dharmanandan Diamonds to Unveil Technology for Retailers
Mumbai: Dharmanandan Diamonds will be unveiling the ‘Virtual Showcase’, a ‘3D Diamond Viewer” for retailers at the September 15-19 Hong Kong Jewellery & Gem Fair. The company has introduced several technology products for the diamond industry in recent years aimed at “upgrading retailers and revolutionalizing the way diamonds are purchased”. Dharmanandan successfully launched an iPad application in 2010, and, the
De Beers Courting New York City Banks
New York: With financial institutions expressing continued reluctance to lend to the diamond industry De Beers is holding an event to reach out to New York City bankers. Howard Davies, head of De Beers’ commercial department, has invited local financiers to a Bankers Executive Briefing on Oct. 1 at a Manhattan hotel. The company veteran will brief attendees on the
Russia Plans to Divert Diamonds in Case of Sanctions
Moscow: In the event that the European Union decides to apply sanctions on Russia in general and the Russian diamond industry specifically, over the country’s conflict with neighboring Ukraine, Moscow plans to divert a large chunk of its diamond exports to other countries, Rough and Polished reports. Russian Federation Ministry of Finance Administrative Department Chief Alexander Akhpolov told Kommersant Vlast
WDC Warns of Market with 2 Diamond Value Chains
New York: “In the not-too-distant future, there will be a difference between rough diamonds that can be guaranteed to have fulfilled the consumers’ demands and expectations, and other diamonds,” said Edward Asscher, President of the World Diamond Council (WDC), speaking recently during the closing session of the 2021 Intersessional Meeting of the Kimberley Process (KP). “Responsibly sourced diamonds will be
Rio Tinto Retains the Argyle Pink Diamonds Brand
Perth: Following the closure of the iconic Argyle diamond mine in November 2020, Rio Tinto has been carefully considering options for the future of the renowned Argyle Pink DiamondsTM brand. Rio Tinto wishes to advise the diamond market that it will be retaining the Argyle Pink Diamonds brand within its portfolio of diamonds assets and will continue to support market
UK Court Rejects Nirav Modi’s Extradition Plea
London: A UK high court Wednesday rejected the application of fugitive diamond jeweller Nirav Modi against his extradition to India. According to news agency PTI, a senior UK high court official said Modi’s permission to appeal against extradition “was rejected on paper”. Modi, sources said, will now have the option to file an application within five days for an oral hearing, with
ED Transfers 40% Amt. of the Fraud Case to Banks
New Delhi: The Enforcement Directorate (ED) has transferred a portion of the assets valued at Rs 8,441 crore it had seized in connection with cases related to the three fugitive economic offenders Vijay Mallya, Nirav Modi and Mehul Choksi to state-run banks. With this, the total transfer of the attached assets stand at Rs 9,371 crore, the agency said on Wednesday. This
