International News
FED, Iran, and The Rupee- Three Forces Shaping Bullion’s Next Move AUGMONT BULLION REPORT
A Firmer Dollar and Rising Treasury Yields Are Increasing The Opportunity Cost Of Holding Gold.
The bullion market faces competing forces: US–Iran tensions at the Strait of Hormuz provide geopolitical support, while a stronger dollar, elevated Treasury yields, and prolonged Fed rate tightness suppress prices. Gold recovered modestly to $4,700 after diplomatic signals emerged. The Fed’s April 29 decision remains the critical macro trigger. India’s rupee weakened to Rs. 94/dollar amid rising crude costs. Central banks globally continue accumulating gold, though at a slower pace. Institutional ETF demand stays structurally strong.
The dominant market driver last week was the intensifying US–Iran conflict centred on the Strait of Hormuz. Iran restricted commercial shipping through the waterway and allegedly attacked foreign vessels. The US, in turn, blockaded Iranian ports — a move Iran labelled a ceasefire violation. President Trump publicly directed the Navy to engage vessels deploying mines in the strait. Separately, US forces intercepted an Iranian oil supertanker in the Indian Ocean, escalating maritime tensions further.
This reduces gold’s attractiveness relative to yield-bearing assets. Consequently, a stronger US dollar and persistent rate pressure continue to suppress gold prices despite the geopolitical backdrop.
While such geopolitical disruptions typically strengthen gold’s safe-haven appeal, the bullion market remained constrained. Central banks are maintaining tight monetary policy due to energy-driven inflation, keeping interest rates elevated.
By Friday, gold recovered modestly, trading above $4,700, reflecting cautious optimism following diplomatic signals — Iranian Foreign Minister Abbas Araghchi’s scheduled visit to Islamabad, with Pakistani officials suggesting a meaningful peace breakthrough was probable.
The US Federal Reserve is now projected to hold rates steady through 2026, abandoning earlier expectations of two rate cuts. A rate hike remains a live possibility as policymakers monitor the conflict’s inflationary spillovers. The Fed’s April 29 meeting is now the single most-watched macro event, likely to set gold’s near-term directional bias.
India’s rupee depreciated to approximately Rs. 94 per dollar, a three-week low, driven by rising crude oil import costs. The currency weakened nearly 1% week-on-week. The Reserve Bank of India intervened by selling dollars to stabilise the exchange rate, but persistent demand from oil importers offset these efforts, keeping the rupee under structural pressure.
Sovereign gold accumulation remained a sustained global trend. Central banks in China, India, Poland, and Turkey continued adding physical gold reserves. January 2026 purchases slowed to 5 tonnes against a 2025 monthly average of 27 tonnes, though demand broadened geographically, with Malaysia and South Korea re-entering the market. Uzbekistan led buying; Russia recorded the largest sales at 9 tonnes. China continued expanding its reserves.
Institutional demand remains structurally robust in 2026. A record $89 billion flowed into gold ETFs in 2025, and the SPDR Gold Trust now holds 1,073 metric tons, reflecting significant portfolio realignment toward precious metals. In February, gold ETFs attracted $5.3 billion in fresh inflows, led by North America and Asia, though European funds saw $1.8 billion in net outflows.
China’s silver imports totalled 206.76 tonnes in January–February 2026 — the highest in eight years — tightening global supply and lifting prices. In India, industrial buyers absorbed price dips, providing a floor during speculative sell-offs. Wedding season demand added further consumption-side support, with household jewellery purchases rising across major cities.
Overall sentiment toward bullion remains cautious. A firmer dollar and rising Treasury yields are increasing the opportunity cost of holding gold. The key upcoming catalysts are the Fed’s April 29 rate decision, US Q1 GDP data on April 30, and any definitive progress in US–Iran diplomacy. Each event carries the potential to sharply reverse current price trends.
Technically, gold faces resistance at $4,850 (~ Rs. 1,55,000). A confirmed break above this level could open a path toward $5,000 (~ Rs. 1,60,000). Immediate support is established at $4,650 (~ Rs. 1,51,000).
Silver prices are consolidating in the range of $73(~ Rs. 235,000) and $82(~ Rs. 2,58,000). Either a breakout or breakdown will give a further price move.
International News
Vicenzaoro September 2026 Closes With Stronger International Footprint
The Five-Day Trade Show Recorded A 4% Increase In Total Visitors Compared With The September 2025 Edition, While International Attendance Rose By 9%.
Vicenzaoro September 2026 concluded on 8 September with further growth in visitor traffic and international participation, reinforcing its position as a key global meeting point for the jewellery, gemstones, precious metals and technology industries. Organised by Italian Exhibition Group (IEG), the five-day trade show recorded a 4% increase in total visitors compared with the September 2025 edition, while international attendance rose by 9%.
The edition marked the first major presentation of the expanded Vicenza Expo Centre following the opening of the new Hall 2. The upgraded infrastructure, combined with the show’s Boutique Show format, brought the jewellery supply chain together under one roof—from manufacturing technologies and machinery at T.Gold to finished jewellery, gemstones, packaging and related services.
International attendance reaches new markets

Vicenzaoro attracted visitors from 136 foreign countries, a 4% increase compared with September 2025. Attendance from Europe grew by 9%, while non-European participation also rose by 9%, reaching 91 countries. Visitors from the United States increased by 2%.
The largest international visitor groups came from:
- The United Kingdom.
- Germany.
- China.
- India.
- Romania.
- Switzerland.
- Spain.
- Denmark.
- Colombia.
- Belgium.
The strongest growth in visitor numbers was recorded from South Korea, Singapore, Kuwait, South Africa, Finland, Norway, Denmark, Indonesia, Cyprus and Saudi Arabia.
India’s presence among the top five international visitor markets underlines the importance of the country to Vicenzaoro’s global strategy and reflects the continued strength of business links between Italian manufacturers and the Indian jewellery trade.
“This growth confirms the work carried out during the transitional editions when construction of the new Hall 2 was underway,” said Matteo Farsura, head of IEG’s Jewellery & Fashion division. He noted that international attendance has risen steadily since September 2024 and, boosted by T.Gold, is now 12% higher despite an increasingly complex global environment.
MAECI and ICE programme delivers 910 buyers
The show’s international business programme, organised in collaboration with Italy’s Ministry of Foreign Affairs and International Cooperation (MAECI) and the Italian Trade Agency, brought 700 hosted international buyers to Vicenza. A further 210 Italian buyers participated, taking the total number of hosted trade visitors to a record 910.
The buyers represented 73 countries and were reported to be 33% higher in number than at the September 2025 edition.
Farsura said the programme was designed not only to increase visitor numbers but also to identify buyers according to the profiles of exhibiting companies and the markets they serve. The network of approximately 70 Italian Trade Agency offices worldwide played a significant role in supporting the initiative.
New Hall 2 reshapes the exhibition
The opening of Hall 2 represented a significant milestone in IEG’s development of the Vicenza Expo Centre. The two-storey facility covers approximately 23,000 square metres and connects Halls 1, 3, 4 and 6, improving movement across the exhibition complex and creating a more integrated environment for exhibitors and visitors.
The expanded layout hosted 1,300 exhibiting brands from 40 countries, with international exhibitors accounting for 45% of the total. T.Gold, the specialised exhibition dedicated to jewellery manufacturing technologies and machinery, was brought inside the Expo Centre for the first time, strengthening the show’s ability to present the complete value chain in a single location.
In a period marked by uncertain demand, margin pressure and changing consumer expectations, the format enabled Vicenzaoro to combine commercial activity with a focus on innovation, production efficiency and future market trends.
CIBJO centenary adds global relevance
A major feature of the September edition was the centenary congress of CIBJO, the World Jewellery Confederation. Led by President Gaetano Cavalieri, CIBJO brings together the international jewellery industry around standards, nomenclature, responsible business practices and consumer confidence.
Held in Vicenza to mark the organisation’s 100th anniversary, the congress attracted more than 600 delegates, including representatives of luxury groups, mining companies, retailers, laboratories and other parts of the global supply chain.
The congress addressed several of the industry’s most pressing issues, including sustainability, market transparency, the classification of natural and laboratory-grown diamonds and coloured stones, and the need to strengthen consumer trust. Its presence further positioned Vicenzaoro as a forum where businesses, associations and institutions can discuss the structural changes shaping the jewellery sector.
Networking remains central to the show
Beyond its exhibition and sourcing functions, Vicenzaoro continued to emphasise the value of professional relationships. The event provided a platform for companies, buyers, institutions, associations and international industry leaders to exchange views and develop new commercial connections.
This networking-led approach has become one of the show’s defining characteristics, allowing business discussions to extend beyond individual transactions to wider conversations on market development, technology, distribution and consumer behaviour.
The September edition also featured the ninth edition of VO Vintage, which brought together 53 selected exhibitors specialising in vintage and modern jewellery and watches. The event, open to the general public, combined sales with an educational programme featuring expert speakers and initiatives aimed at strengthening interest in watchmaking culture.
Broad industry support
Vicenzaoro’s strategic partners include MAECI and the Italian Trade Agency. Its international partners are CIBJO, GJEPC India, the Hong Kong Jewellery & Jade Manufacturers Association and Francéclat.
National partners include Confindustria Federorafi, Confcommercio Federpreziosi, Confartigianato Orafi, CNA Orafi, Club degli Orafi Italia, Confimi Industria’s Gold and Silver Category, Assogemme, Assocoral and AFEMO. The regions of Sicily and Campania also participated as institutional representatives.
IEG’s jewellery calendar will continue with JGTD—Jewellery, Gems and Technology in Dubai—from 27 to 29 October 2026. Italy’s jewellery industry will meet next at the Valenza Gem Forum on 22 October and the Italian Jewellery Summit in Arezzo on 3 December.
The next edition of Vicenzaoro and T.Gold will take place from 15 to 19 January 2027, while VO Vintage is scheduled for 15 to 18 January 2027.
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