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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’s Bunder Project Faces New Hurdles
New Delhi: Global mining giant Rio Tinto’s Rs 2,200 crore project to mine diamonds in MP’s Chhatarpur district has hit a green roadblock though it has the support of the state government, reports The Economic Times. The project that involves diversion of near 1000 hectares of dense forests to yield possibly a diamond deposit of 34.2 million carat value was
Alrosa and AWDC Reaffirm Strong Relationship
Moscow: The excellent collaboration between Antwerp, the leading diamond trade hub, and Russian mining giant Alrosa, the world’s largest diamond producer, was once again highlighted at an exclusive networking event in the margins of Alrosa’s diamond tender period. The event, a joint initiative by Alrosa and AWDC, was held in the Belgian Ambassador’s residence in Moscow. As the most important
GJSCI Supports Chennai’s Flood Affected People
Mumbai: The Gem & Jewellery Skill Council of India has pledged its support for Chennai floods and have donated Rs. 1,00,001/- towards the Prime Minister’s National Relief Fund to aid all the people affected by this calamity. Mr. Premkumar Kothari, Chairman, GJSCI said, “We at GJSCI have been deeply saddened by the natural calamity which has struck Chennai & surrounding
Mumbai’s Temple to Deposit 160 kg Gold in GMS
Mumbai: One of the most popular temples in India may soon make the first substantial contribution to Prime Minister Narendra Modi’s plan to recycle tons of idle bullion to reduce imports and the country’s current account deficit, according to media reports. Mumbai’s two-century-old Shree Siddhivinayak temple is considering depositing some of its 160 kgs. of gold with banks, according to
Rio Tinto’s Bunder Project Faces New Hurdles
New Delhi: Global mining giant Rio Tinto’s Rs 2,200 crore project to mine diamonds in MP’s Chhatarpur district has hit a green roadblock though it has the support of the state government, reports The Economic Times. The project that involves diversion of near 1000 hectares of dense forests to yield possibly a diamond deposit of 34.2 million carat value was
Alrosa and AWDC Reaffirm Strong Relationship
Moscow: The excellent collaboration between Antwerp, the leading diamond trade hub, and Russian mining giant Alrosa, the world’s largest diamond producer, was once again highlighted at an exclusive networking event in the margins of Alrosa’s diamond tender period. The event, a joint initiative by Alrosa and AWDC, was held in the Belgian Ambassador’s residence in Moscow. As the most important
GJSCI Supports Chennai’s Flood Affected People
Mumbai: The Gem & Jewellery Skill Council of India has pledged its support for Chennai floods and have donated Rs. 1,00,001/- towards the Prime Minister’s National Relief Fund to aid all the people affected by this calamity. Mr. Premkumar Kothari, Chairman, GJSCI said, “We at GJSCI have been deeply saddened by the natural calamity which has struck Chennai & surrounding
Mumbai’s Temple to Deposit 160 kg Gold in GMS
Mumbai: One of the most popular temples in India may soon make the first substantial contribution to Prime Minister Narendra Modi’s plan to recycle tons of idle bullion to reduce imports and the country’s current account deficit, according to media reports. Mumbai’s two-century-old Shree Siddhivinayak temple is considering depositing some of its 160 kgs. of gold with banks, according to
