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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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WFDB Debates Issues at Idar-Oberstein Meeting
Antwerp: The World Federation of Diamond Bourses (WFDB) held an Executive Committee Meeting in Idar-Oberstein yesterday, discussing a wide variety of subjects including the World Diamond Council’s proposed changes to its System of Warranties (SoW), nomenclature issues, Know Your Client, the proposed inclusion of the International Diamond Manufacturers Association into the WFDB, finance and the situation in India in the
Post-scam, RBI Stops Issue of LoUs
Mumbai: In a remedial action to the Nirav-Modi led Punjab National Bank fraud, now worth Rs 13,640 crore, the Reserve Bank of India (RBI) has discontinued use of LoUs or Letters of Undertaking and Letters of Comfort as trade credits. “On a review of the extant guidelines, it has been decided to discontinue the practice of issuance of LoUs/ LoCs
910ct. Lesotho Diamond Sold for $40M
Antwerp: Gem Diamonds has sold the Lesotho Legend, the 910-carat stone it unearthed at its Letšeng mine in January, for $40 million, the company said Tuesday. The miner claims the D color, type IIa stone — which it sold at tender in Antwerp to Samir Gems — is the fifth-largest gem-quality diamond ever recovered. “We are delighted with the outcome
SBI to Tighten G&J Sector’s Borrowing Norms
Mumbai: State Bank of India, India’s largest lender, is tightening the noose around borrowers in the gems and jewellery sector by telling them to either bring in more collaterals to back the existing borrowings or reduce the size of it in a time-bound manner, reports The Economic Times. The decision was driven by the board which directed the management to
WFDB Debates Issues at Idar-Oberstein Meeting
Antwerp: The World Federation of Diamond Bourses (WFDB) held an Executive Committee Meeting in Idar-Oberstein yesterday, discussing a wide variety of subjects including the World Diamond Council’s proposed changes to its System of Warranties (SoW), nomenclature issues, Know Your Client, the proposed inclusion of the International Diamond Manufacturers Association into the WFDB, finance and the situation in India in the
Post-scam, RBI Stops Issue of LoUs
Mumbai: In a remedial action to the Nirav-Modi led Punjab National Bank fraud, now worth Rs 13,640 crore, the Reserve Bank of India (RBI) has discontinued use of LoUs or Letters of Undertaking and Letters of Comfort as trade credits. “On a review of the extant guidelines, it has been decided to discontinue the practice of issuance of LoUs/ LoCs
910ct. Lesotho Diamond Sold for $40M
Antwerp: Gem Diamonds has sold the Lesotho Legend, the 910-carat stone it unearthed at its Letšeng mine in January, for $40 million, the company said Tuesday. The miner claims the D color, type IIa stone — which it sold at tender in Antwerp to Samir Gems — is the fifth-largest gem-quality diamond ever recovered. “We are delighted with the outcome
SBI to Tighten G&J Sector’s Borrowing Norms
Mumbai: State Bank of India, India’s largest lender, is tightening the noose around borrowers in the gems and jewellery sector by telling them to either bring in more collaterals to back the existing borrowings or reduce the size of it in a time-bound manner, reports The Economic Times. The decision was driven by the board which directed the management to
