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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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4% GST Rate May be Decided on Gold, Silver
Mumbai: The Centre and the states may settle for 4% goods and services tax (GST) on bullion and opt for a special rate for financial services, amid intense lobbying from the two sectors in the run up to the rollout from July. Sources also said that in case of gold and silver the southern states are in favour of a
Richemont’s Jewellery Sales Increased by 7%
Geneva: Jewellery sales at Richemont — owner of Cartier and Van Cleef & Arpels — increased 7% in the past fiscal year, standing out as a rare growth sector for the luxury group. Revenue from the category rose to $4.55 billion (EUR 4.2 billion) in the 12 months that ended March 31, partly offsetting weakness in its watch division, where
Lucara Earns $55 Million from First Tender of 2017
Vancouver: “When you’re selling your offcuts for almost $20 million, you know something is going right,” writes Thomas Biesheuvel for BloombergPursuits. “Lucara Diamond Corp. just sold a 373.7-carat diamond for US$17.5 million. For a company that has been unearthing some of the world’s biggest and most expensive stones in the past few years that may sound less impressive, until you
IIJW to be Held from July 24-27, 2017
Mumbai: The Gem & Jewellery Export Promotion Council (GJEPC) has announced that it will be holding the seventh edition of the India International Jewellery Week (IIJW) from July 24 to July 27, 2017. The GJEPC has decided to implement a change in format of IIJW; this year, it will be a B2B show rather than a B2C event. This edition
4% GST Rate May be Decided on Gold, Silver
Mumbai: The Centre and the states may settle for 4% goods and services tax (GST) on bullion and opt for a special rate for financial services, amid intense lobbying from the two sectors in the run up to the rollout from July. Sources also said that in case of gold and silver the southern states are in favour of a
Richemont’s Jewellery Sales Increased by 7%
Geneva: Jewellery sales at Richemont — owner of Cartier and Van Cleef & Arpels — increased 7% in the past fiscal year, standing out as a rare growth sector for the luxury group. Revenue from the category rose to $4.55 billion (EUR 4.2 billion) in the 12 months that ended March 31, partly offsetting weakness in its watch division, where
Lucara Earns $55 Million from First Tender of 2017
Vancouver: “When you’re selling your offcuts for almost $20 million, you know something is going right,” writes Thomas Biesheuvel for BloombergPursuits. “Lucara Diamond Corp. just sold a 373.7-carat diamond for US$17.5 million. For a company that has been unearthing some of the world’s biggest and most expensive stones in the past few years that may sound less impressive, until you
IIJW to be Held from July 24-27, 2017
Mumbai: The Gem & Jewellery Export Promotion Council (GJEPC) has announced that it will be holding the seventh edition of the India International Jewellery Week (IIJW) from July 24 to July 27, 2017. The GJEPC has decided to implement a change in format of IIJW; this year, it will be a B2B show rather than a B2C event. This edition
