International News
A world of extreme uncertainty sparks gold to cross $3200: AUGMONT BULLION REPORT
- Gold’s haven status has been underlined this week as it approaches $3240 (~Rs 92400). President Donald Trump’s flip-flopping message on his tariff plan sparks frenzied selloffs for US stocks, Treasuries, and the currency, as worries of a global recession grip Wall Street.
- Even after his 90-day tariff freeze on higher levies that struck dozens of trade partners, charges on all Chinese imports have risen to at least 145%, with Beijing threatening to retaliate with 84% tariffs.
- The Dollar Index has fallen below 100 as central banks around the world sell US bonds and increasingly buy gold.
- Tensions between the two countries have reignited fears of a US recession on the way. On Thursday, statistics indicated that underlying US inflation fell broadly in March, with traders now pricing in expectations for three interest-rate cuts in the remainder of the year, with the possibility of a fourth.
Technical Triggers
| Metal | Current Trend | Support Level | Buying Opportunity Zone | Target / Resistance Level |
|---|---|---|---|---|
| Gold | Rallied from $3000 to $3240 in 2 days | — | — | $3300 (~Rs 95,000) |
| Silver | Strong support around $29 (~Rs 87,000) | $29 (~Rs 87,000) | Below $30 (~Rs 89,000) | $32 (~Rs 94,000) |
A massive 11,000-carat rough ruby has been recovered in the famed gem-rich region of Mogok, Myanmar, according to recent state media reports.
Weighing in at 2.2 kg (4 lbs 14 oz), the newly discovered stone is roughly half the size of the legendary 21,450-carat rough gem found in the same region back in 1996. However, experts and state officials report that this new find boasts vastly superior color, luster, and transparency.
Mogok rubies, sourced from the “Valley of Rubies” in Myanmar (Burma), are legendary for their unrivaled vivid color and supreme clarity. They are famous worldwide for their “pigeon blood” red hue, which is caused by trace elements and microscopic silk particles that scatter light and give the gem a glowing, velvety softness.
Key Details of the Discovery:
- Physical Properties: The giant gem exhibits a striking purplish-red color with yellowish undertones, excellent vitreous luster, and moderate transparency. It remains entirely in its natural, untreated state.
- Geopolitical Context: Myanmar supplies roughly 90% of the world’s rubies. However, the nation has been embroiled in a devastating civil war since a 2021 military coup—a conflict that has claimed approximately 90,000 lives and displaced over 3.5 million people.
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