International News
AGTA engages US Policymakers for gemstone tariff relief
In response to President Trump’s 5th September Executive Order, American Gem Trade Association (AGTA) President Bruce Bridges and CEO John W. Ford Sr. visited Washington, D.C. during the week of 15th September to engage directly with policymakers on import tariffs affecting gemstones.
During their trip, Bridges and Ford held meetings with Cabinet agencies, the White House, and trade officials at the US Trade Representative’s Office, as well as with U.S. Senators and House members, including Senator Bill Cassidy of Louisiana and Representatives Darrell Issa, David Rouzer, Ronny Jackson, Mike Bost, and Randy Weber.
The Executive Order allows for the possibility of zero reciprocal tariffs on products “that cannot be grown, mined, or naturally produced in the United States,” and Annex III specifically includes gemstones under Potential Tariff Adjustments for Aligned Partners (PTAAP).
AGTA’s delegation expressed appreciation for the inclusion of gemstones while seeking clarity on implementation. Officials confirmed that reciprocal trade and security agreements must be negotiated with individual trading partners before tariff reductions can take effect. US trade negotiators also welcomed AGTA’s offer to engage source countries directly to support active trade discussions.
International News
Hopes for New Government data lifts precious metals prices AUGMONT BULLION REPORT
- Gold and Silver continued to rise, reaching a close to three-week high, supported by indications that the U.S. government shutdown was coming to an end and rising anticipation of another December interest rate cut by the U.S. Federal Reserve.
- Late on Monday, the U.S. Senate ended the longest shutdown with a compromise that would return federal funds to the United States. It would include three full-year appropriations measures and would finance the government until January 30 if the Senate passes the bill. It would then need to be approved by the House of Representatives and sent to President Donald Trump, a process that might take several days.
- Amid concerns about the economic consequences of the longest-ever U.S. government shutdown, consumer sentiment in the United States declined to a 3-1/2-year low in early November.
Technical Triggers
- Gold prices have achieved the target of $4150 (~Rs 125,000). Prices are expected to consolidate here for a while, before moving higher.
- Silver prices have achieved the target of $50.80 (~Rs 155,000). Prices are expected to consolidate here for a while, before moving higher.
Support and Resistance
| Category | Support Level | Resistance Level |
|---|---|---|
| International Gold | $4000/oz | $4200/oz |
| Indian Gold | ₹122,000/10 gm | ₹126,000/10 gm |
| International Silver | $48/oz | $51/oz |
| Indian Silver | ₹149,000/kg | ₹156,000/kg |
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