Colin Shah, MD Kama Jewelery suggested the perspective on weekly gold price trends of the last week (July 3 to July 8 week). He said, the Gold prices have edged slightly higher, in the domestic market having risen to Rs 58,379.00 /10gm by 1%. Internationally, however, the prices have persisted to be below the $2,000/oz mark, remaining steady at $1919.10, with visible signs of sentiments improving.
Further hawkish interest rate guidance from the Fed threatens to bring in the fear of higher interest rates in the US, something the market is already pricing in more and more. Nevertheless, the US Fed may need to bring stability in their rate hike outlook to align these fears.
With the advent of H2 2023, there seems to be good news on the domestic front for the Gems and Jewellery industry with the launch of the Gems and Jewellery Park at Mahape in Navi Mumbai. This park will bring in Rs 40,000cr worth of investments and was announced by the Chief Minister of Maharashtra and is expected to generate 1.2 Lakh Jobs.
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