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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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Argyle Pink Diamonds Tender Gets Record Result
Perth: Rio Tinto’s spectacular 2016 Pink Diamonds Tender collection of 63 rare pink, red and violet diamonds from its Argyle mine has delivered a record result, reflecting strong global demand for these increasingly rare diamonds. Known as The Chroma Collection, the 2016 Argyle Pink Diamonds Tender comprised the highest quality, size and colour composition in the Tender’s 32-year history and
De Beers Launches Auction Platform for Polished
Gaborone: De Beers launched an online trading service that enables third parties to sell polished diamonds to other businesses on the miner’s existing auction platform. The pilot service is targeted at single stones weighing more than 5 carats or those with a fancy color, the company said. The initiative, open to midstream industry members, represents an expansion of a rough
India’s Gold Imports Down by 55% in H1
New Delhi: Gold imports dipped by about 55 per cent to $7.88 billion during the first half of 2016-17, which is expected to keep a lid on the current account deficit, reports The Economic Times. The sliding prices of the precious metal in global and domestic markets are seen to be at work. Gold imports stood at $17.42 billion in
India Tightens Norms of Gold Imports
New Delhi: India’s Director General of Foreign Trade (DGFT) has tightened norms for export houses to import gold in their capacities as nominated agencies. The public notice to this effect issued by the DGFT has said that for getting permission as a nominated agency for importing gold for domestic purpose, only exports from domestic tariff areas would be counted and
Argyle Pink Diamonds Tender Gets Record Result
Perth: Rio Tinto’s spectacular 2016 Pink Diamonds Tender collection of 63 rare pink, red and violet diamonds from its Argyle mine has delivered a record result, reflecting strong global demand for these increasingly rare diamonds. Known as The Chroma Collection, the 2016 Argyle Pink Diamonds Tender comprised the highest quality, size and colour composition in the Tender’s 32-year history and
De Beers Launches Auction Platform for Polished
Gaborone: De Beers launched an online trading service that enables third parties to sell polished diamonds to other businesses on the miner’s existing auction platform. The pilot service is targeted at single stones weighing more than 5 carats or those with a fancy color, the company said. The initiative, open to midstream industry members, represents an expansion of a rough
India’s Gold Imports Down by 55% in H1
New Delhi: Gold imports dipped by about 55 per cent to $7.88 billion during the first half of 2016-17, which is expected to keep a lid on the current account deficit, reports The Economic Times. The sliding prices of the precious metal in global and domestic markets are seen to be at work. Gold imports stood at $17.42 billion in
India Tightens Norms of Gold Imports
New Delhi: India’s Director General of Foreign Trade (DGFT) has tightened norms for export houses to import gold in their capacities as nominated agencies. The public notice to this effect issued by the DGFT has said that for getting permission as a nominated agency for importing gold for domestic purpose, only exports from domestic tariff areas would be counted and
