Sutanuka Ghosal

Dealers and distributors are not stocking these commodities, which they generally do during the festive season, as the supply side is strong and they are lifting stock according to the requirement.

Gold has become precious ahead of Onam, a festival celebrated in Kerala which falls on September 15. As the European Central Bank (ECB) cut the rate by a 25 basis point yesterday, gold and silver prices are showing an upward trajectory.

The government has removed the minimum export price of $950 per tonne for basmati rice, leading to increased global enquiries. This move is expected to stabilize the falling prices of basmati rice, which may rise from Rs 55 per kg to Rs 65 per kg initially. India holds an 80% share in the global aromatic rice market.

The commerce ministry is considering establishing a task force for the gem and jewellery industry to tackle sector challenges. This follows a meeting between the commerce secretary and industry leaders, who highlighted the need for policy support, enhanced liquidity, and a favourable business environment to boost exports amid global uncertainties.

The commerce ministry is considering establishing a task force for the gem and jewellery industry to tackle sector challenges.

Revenge buying of gold after the cut in import duty has softened with jewellers reporting a up to 15 per cent drop in demand as prices surged nearing the Rs 74,000 per 10 gm mark. The price of gold on Monday was hovering around Rs 73,733 per 10 gm.

Silver prices reached a new high of Rs 92,400 per kg on Tuesday, driven by a potential Fed rate cut and increased industrial demand. The PM's focus on solar panels has further boosted silver consumption in India. Silver is gaining popularity as an alternative to gold due to its lower price and higher volume.

Synopsis Tea production in Assam and West Bengal has dropped this year, leading to a 13% rise in prices. However, this increase does not offset the production loss. Export prices have also fallen by 4%. The industry faces financial challenges due to unpaid subsidies for developmental work from the Tea Board.

Surat's diamond-cutting units have reduced work hours and increased weekly holidays due to low overseas demand, especially from China. This follows a muted response at the Hong Kong Jewellery Show. The industry faces challenges with unsold inventories, tighter credit conditions, and quality issues affecting exports.

Gold prices in India initially fell but rebounded after international prices rose due to the US Federal Reserve's first interest rate cut in over four years. Prices reached ₹73,450 per 10 gm. Despite the Shradh period, consumers are pre-booking gold for Navratri and the upcoming wedding season.