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Hawkish Fed Comments on Inflation Landed Right at Both Metals’ Supply Zones, and the Correction Wrote Itself
Macro Snapshot: The correction in gold and silver during the week ending August 28 was a confluence event. Both metals had rallied into well-defined supply zones (gold at ₹162,000-164,000, silver at ₹244,000-248,000) and were showing early signs of exhaustion. Into that setup, the July PCE release on August 26 came in hot on the headline (3.7% year over year against 3.6% consensus), and Federal Reserve Chair Kevin Warsh’s August 28 Jackson Hole address leaned decisively hawkish on inflation. The trigger
Hawkish Fed Comments on Inflation Landed Right at Both Metals’ Supply Zones, and the Correction Wrote Itself
Macro Snapshot: The correction in gold and silver during the week ending August 28 was a confluence event. Both metals had rallied into well-defined supply zones (gold at ₹162,000-164,000, silver at ₹244,000-248,000) and were showing early signs of exhaustion. Into that setup, the July PCE release on August 26 came in hot on the headline (3.7% year over year against 3.6% consensus), and Federal Reserve Chair Kevin Warsh’s August 28 Jackson Hole address leaned decisively hawkish on inflation. The trigger
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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
Banks Increase Credit to India's G&J Sector by 15%
Mumbai: India’s gem and jewellery (G&J) exports have taken a severe hit due to pandemic in 2020-21, but what the industry has achieved during this period is commendable which would help it further its growth in the long term. The industry has been able to change the Banks’ perspective towards it and this can be witnessed from the credit increase that
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
Banks Increase Credit to India's G&J Sector by 15%
Mumbai: India’s gem and jewellery (G&J) exports have taken a severe hit due to pandemic in 2020-21, but what the industry has achieved during this period is commendable which would help it further its growth in the long term. The industry has been able to change the Banks’ perspective towards it and this can be witnessed from the credit increase that
