International News
Focus shifts back to tariff war and geopolitics: AUGMONT BULLION REPORT
Gold saw a strong increase last week, jumping about 4% as the dollar fell following U.S. President Donald Trump’s warning to put 50% tariffs on European Union imports on July 9. This further shook the global economy and increased demand for safe-haven assets. Trump says he would impose 25% tariffs on Samsung and Apple devices.
The dollar saw its largest weekly percentage drop since early April last week, falling 2% and returning to 99 levels. The main issue affecting the dollar at the moment is the decline in trust in American policy. The Congressional Budget Office estimates the recently enacted US tax measure, which is now headed to the Senate, will cost close to $4 trillion, escalating concerns about long-term fiscal instability. These worries about growing deficits and growing debt servicing costs are highlighted by Moody’s recent lowering of the US credit rating.
The spending package is anticipated to be discussed by the US Senate and put to a vote before July 4 following the Memorial Day vacation on May 26. Markets may find it challenging to stage a consistent recovery if they continue to believe that the Senate will adopt the package with few modifications.
Since Moody’s lowered the US credit rating late last Friday, raising worries about the nation’s $36 trillion debt burden and Trump’s quest for tax cuts that may increase it by $4 trillion, investor sentiment has been brittle.
Meanwhile, Gold received a further lift from rising international tensions. Risk aversion was exploited by the precious metal due to the lack of progress in Ukraine-Russia talks and growing concerns of a worsening Middle East conflict following reports of Israel increasing its strikes on Gaza and preparing to target nuclear facilities in Iran.
Headlines of the US trade talks will be closely examined in the interim. Safe-haven flows may continue to control financial market activity and pave the way for another move higher in gold prices if the US is unable to advance negotiations with important trading partners like the EU and Japan. Furthermore, the precious metal may continue to benefit from a further escalation of Middle East hostilities.
Gold prices are expected to trade in the range of $3275 (~Rs 95000) and $3375(~Rs 96400) in the near term. Either side breakout or breakdown will give 2-3% movement. Silver is expected to continue its range-bound momentum from $32 (~Rs 94000) to $34(~Rs 98000) going forward.
| Metal | Expected Price Range (USD) | Approx. INR Equivalent | Notes |
|---|---|---|---|
| Gold | $3,275 – $3,375 | ₹95,000 – ₹96,400 | Breakout or breakdown may lead to a 2–3% move in either direction |
| Silver | $32 – $34 | ₹94,000 – ₹98,000 | Expected to remain range-bound in this zone for the near term |
International News
Platinum Jewellery Gains Share Amid Record Gold Prices, PGI Reports Q4 2025 Market Shifts
Momentum key Regions In The Q4 Validates Platinum’s Growing Relevance In Today’s Jewellery Market.
The Platinum Guild International (PGI) today released its Q4 2025 Platinum Jewellery Business Review (PJBR), highlighting varying regional performance trends, with platinum’s value proposition remaining supportive in key markets against a backdrop of record-high gold prices and evolving trade dynamics.
Tim Schlick, CEO of Platinum Guild International, Said:
“The momentum we observed across key regions in the fourth quarter validates platinum’s growing relevance in today’s jewellery market. With gold prices remaining elevated, platinum continues to offer a premium yet accessible alternative that appeals to value-conscious consumers and luxury buyers alike. Looking ahead, PGI remains committed to partnering with the trade to capitalise on this favourable price dynamic—driving innovation, supporting strategic marketing initiatives, and reinforcing platinum’s enduring value in bridal, fashion, and other key segments.”
Regional Market Highlights
China
China’s platinum fabrication softened further in Q4 after a strong first half, but still recorded a 56% annual increase for 2025. The slowdown was driven by a combination of slower inventory turnover and elevated metal prices, which diverted retailer capital towards gold and dampened restocking sentiment. Wholesalers liquidated generic stock to realise capital gains, while retailers prioritised operational resilience. Despite significant challenges, PGI’s retail partners outperformed the broader market, achieving a 7% year-over-year increase in platinum jewellery sales volume during the last quarter of 2025.
India and the Middle East
In India, platinum jewellery continued to outperform the broader market, with strategic partners’ retail sales growing 10% year-over-year. Overall jewellery demand saw a marginal uptick, supported by the festive season and a shift toward lightweight purchases, though volume growth was constrained by a high comparison base and sharp gold price increases. Promotional efforts for brands such as Men of Platinum reinforced platinum’s value amidst price volatility.
PGI continued expanding its UAE presence by onboarding new retailers, bringing the total to 174 stores at the end of 2025.
Japan
Japan’s jewellery market saw value recover in Q4 due to sustained price increases, while platinum jewellery unit sales recorded a notable 1.5% year-on-year recovery. This upturn was partly supported by substitution away from gold amid extreme price volatility. For the full year, platinum’s share of unit sales rose, whilst white gold’s share declined.
United States
In the U.S., platinum jewellery sales reflected a clear divergence between declining unit volumes and strong value growth, with dollar sales significantly outpacing volumes. Record-high gold prices cooled volume demand across the broader industry, but platinum’s price—remaining less than half that of gold—bolstered its appeal. Despite tariff-related headwinds, the shift from white gold to platinum accelerated, with strategic partners reporting double-digit revenue growth.
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