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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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HRD Antwerp Opens New Office in BDB
Mumbai: Chief Guest Mr. Peter Huyghebaert, Consul General of Belgium in Mumbai along-with Mr. Anoop Mehta, president of Bharat Diamond Bourse (BDB); Mr. Michel Janssens, CEO, HRD Antwerp; Mr. Pascal Delvenne, CEO, HRD Antwerp and Mr. Ravi Chhabria, managing director, HRD Antwerp India inaugurated the lab’s new office in BDB among other dignataries. On the ocassion, Mr. Michel Janssens, CEO,
UAE Exempts Gold, Diamond Trading from VAT
Dubai: The UAE Cabinet has adopted a law to introduce the VAT Reversed Charge mechanism for investors in gold, diamond and precious metals. Under the mechanism, there will only be documented entries of five percent VAT in the books of both buyers and sellers but no payment of the fee. According to state news agency WAM, the step aims to
India's Gold Demand Fell by 12% in Q1: WGC
Mumbai: Gold demand had a soft start to 2018, reaching 973 tonnes (t), the lowest first quarter since 2008. This was largely caused by a fall in investment demand for gold bars and gold-backed exchange-traded funds (ETFs), as a subdued gold price environment hampered demand. Global jewellery demand was roughly flat at 488t, down 1% on Q1 2017. Demand in
Nirav Modi Seeks Political Asylum in UK
Mumbai: Diamantaire Nirav Modi, wanted for 11,000-crore bank scam, is trying ways and means to avoid returning to India. According to a report in NDTV, Nirav Modi is attempting to hire a lawyer who can help him get political asylum in the United Kingdom. Nirav Modi, who flew out of India on January 1, days before the CBI registered a
HRD Antwerp Opens New Office in BDB
Mumbai: Chief Guest Mr. Peter Huyghebaert, Consul General of Belgium in Mumbai along-with Mr. Anoop Mehta, president of Bharat Diamond Bourse (BDB); Mr. Michel Janssens, CEO, HRD Antwerp; Mr. Pascal Delvenne, CEO, HRD Antwerp and Mr. Ravi Chhabria, managing director, HRD Antwerp India inaugurated the lab’s new office in BDB among other dignataries. On the ocassion, Mr. Michel Janssens, CEO,
UAE Exempts Gold, Diamond Trading from VAT
Dubai: The UAE Cabinet has adopted a law to introduce the VAT Reversed Charge mechanism for investors in gold, diamond and precious metals. Under the mechanism, there will only be documented entries of five percent VAT in the books of both buyers and sellers but no payment of the fee. According to state news agency WAM, the step aims to
India's Gold Demand Fell by 12% in Q1: WGC
Mumbai: Gold demand had a soft start to 2018, reaching 973 tonnes (t), the lowest first quarter since 2008. This was largely caused by a fall in investment demand for gold bars and gold-backed exchange-traded funds (ETFs), as a subdued gold price environment hampered demand. Global jewellery demand was roughly flat at 488t, down 1% on Q1 2017. Demand in
Nirav Modi Seeks Political Asylum in UK
Mumbai: Diamantaire Nirav Modi, wanted for 11,000-crore bank scam, is trying ways and means to avoid returning to India. According to a report in NDTV, Nirav Modi is attempting to hire a lawyer who can help him get political asylum in the United Kingdom. Nirav Modi, who flew out of India on January 1, days before the CBI registered a
