International News
Geopolitical risks rise, but strong dollar limits gold and silver upside AUGMONT BULLION REPORT
Gold prices have established support at approximately $5000, while silver has stabilized near the $80 mark. These levels represent critical support zones amid volatile market conditions driven by competing economic narratives.
Currency Strength and Safe-Haven Positioning
The U.S. dollar has strengthened substantially, breaking above the 100 index level. This appreciation reflects investor preference for dollar-denominated assets as geopolitical uncertainty intensifies in the Middle East. The greenback’s strength can be attributed to two primary factors:
- Energy Independence Advantage: The U.S. maintains structural advantages as a net crude exporter, positioning it more favorably than other developed economies heavily dependent on imported oil.
- Geopolitical Risk Premium: Recent military escalation, including the largest U.S. military strikes against Iranian targets and continued blockade of the Strait of Hormuz, has reinforced the dollar’s safe-haven status.
Macroeconomic Constraints on Precious Metals
Economic Growth Slowdown
Recent data revisions indicate Q4 2025 annualized GDP growth decelerated to 0.7%, introducing genuine concerns regarding economic momentum. This slowdown conflicts with traditional precious metals demand narratives and undermines the typical inverse relationship between economic growth and precious metals investment.
Inflation and Monetary Policy Expectations
The Personal Consumption Expenditures (PCE) inflation rate has moderated to 2.8% annually, yet crude oil prices exceeding $100 per barrel threaten to reverse disinflationary momentum. The Federal Reserve has postponed anticipated interest rate cuts to September 2026, a significant shift that disadvantages non-yielding assets such as precious metals and gold.
Oil Price Dynamics and Regional Economic Impact
Inflationary Pressures from Energy Markets
Crude oil prices climbing above $100 per barrel present a dual challenge: they sustain inflation concerns while simultaneously supporting dollar strength as investors seek U.S. assets. Market participants have effectively eliminated expectations for multiple Federal Reserve rate cuts in 2026, recognizing the inflationary implications of elevated oil prices.
Asymmetric Economic Exposure
The geopolitical conflict between the U.S. and Iran creates asymmetric economic consequences:
- Vulnerable economies: Japan and the eurozone face severe economic headwinds due to heavy reliance on crude imports
- Insulated markets: The United States maintains relative insulation, having functioned as a net crude exporter for nearly a decade
Policy interventions, including President Trump’s partial 30-day waiver on sanctioned Russian oil purchases, represent attempts to moderate price escalation, though effectiveness remains uncertain.
Physical Markets and Retail Demand Deterioration
Indian Bullion Market Dynamics
Indian bullion dealers have extended discount offerings to unprecedented levels, reaching $83 per ounce over domestic official pricing (inclusive of 6% import and 3% sales levies)—the highest discount observed since July 2016, compared to $28 the previous week. This dramatic expansion in dealer discounts reflects profound weakening in retail demand.
Jewelry Sector Weakness
The jewelry sector exhibits particular vulnerability, with jewelers demonstrating minimal purchasing activity as they prioritize year-end financial accounting. Weak retail demand transmission throughout distribution channels suggests limited near-term support for precious metals prices at current levels.
The convergence of dollar strength, delayed rate-cut expectations, elevated oil prices, and weakening physical demand creates a challenging environment for precious metals. While geopolitical instability typically supports precious metals valuations, the current macroeconomic framework—characterized by economic deceleration, monetary policy tightening bias, and currency appreciation—has effectively neutralized traditional safe-haven appeal in favor of dollar accumulation and higher-yielding alternatives.
Gold is currently holding a critical support level near $5,000 (~ Rs.156,000), which remains an important technical floor for the market. A decisive break below this level could trigger further downside, with the next key support emerging around $4,850 (~ Rs.150,000). Conversely, if prices manage to stabilize and rebound from current levels, gold could regain upward momentum and potentially move toward $5,200 (~ Rs.164,000), followed by $5,250 (~ Rs.165,000) in the near term).
Source: AUGMONT BULLION REPORT
DiamondBuzz
Exceptional Platinum Jewelry Designs Win AGTA Spectrum Awards Competition
More than 60 platinum jewellery entries competed for top honours, recognising exceptional craftsmanship, innovative designs and the versatility of platinum across coloured gemstones and pearl jewellery.
Platinum Guild International (PGI), in partnership with the American Gem Trade Association (AGTA), is pleased to announce the Platinum Honors winners of the 2026 AGTA Spectrum Awards.
More than 60 platinum jewelry entries were submitted to the Platinum Honors category, which recognizes outstanding uses of platinum in colored gemstone and natural or cultured pearl jewelry across multiple categories, from Evening Wear to Engagement Rings. PGI also traditionally presents an award for Best Use of Platinum and Color.

The AGTA Spectrum Awards competition was held at the Omni Frisco Hotel at the Star in Dallas, where Jenny Luker, President, PGI USA, judged the Platinum Honors category.
“The AGTA Spectrum Awards bring together an extraordinary range of platinum jewelry, and the level of design innovation, technical execution, and artistry is exceptional,” said Luker. “It’s exciting to see so many talented designers exploring the material in different ways, creating intricate, distinctive pieces that showcase the versatility of platinum.”
AGTA CEO John W. Ford Sr. thanked PGI for its sponsorship of the Spectrum Awards and extended his congratulations to the Platinum Honors winners. “Receiving a Platinum Honors distinction from PGI is one of the industry’s highest achievements,” he said. “We were happy to see Platinum so well represented among the AGTA Spectrum entries, which increased by 21% this year.”
Platinum’s potential for design innovation and technical accomplishment was exemplified by several of this year’s AGTA Spectrum Award winners.
The Best of Show award and 1st Place in Classical Wear was awarded to “Can’t Look Away,” a necklace by Lezlie Slavens of Luxe Fine Jewelry and collaborators. The design features a carved Paraiba tourmaline backed in platinum, suspended from a diamond-accented platinum chain and illuminated by a magnet-activated LED light source.

The Art Deco-inspired “Horus Egyptian Revival” bracelet by Joseph Dardashti, in Platinum with Rubies, Sapphires, Emeralds, Diamonds, and Onyx, won 1st Place in the Spectrum Awards’ Evening Wear category and also received a Platinum Honors distinction in the same category.
Jeffrey Bilgore’s Mahenge Spinel and Diamond “Neuvelle Moi et Toi Forever” Platinum ring received the Stuller Color of the Year Award, a new category honoring exceptional interpretations of Stuller’s “Signature Red”, and won 2nd Place in the Spectrum Awards’ Classical category.
The honour of 1st Place in the Bridal category went to Niveet Nagpal of Omi Gems, Inc. for his Platinum ring featuring a 5.32 ct. Paraiba Tourmaline, accented by Tourmaline (1.05 ctw.) and Diamonds (0.69 ctw.).
New entrant Shelby Lichtenstein was awarded 1st Place in Engagement Rings with her Platinum “Something New, Something Blue” ring, featuring a 4.50 ct. blue emerald-cut Zircon accented by Diamonds (0.26 ctw.).

“Because of platinum’s durability, strength, and tensile properties, designers can achieve things that might not be possible with other metals,” said Luker. “Whether it’s intricate micro pavé work or delicate prongs, platinum allows for exceptional precision while ensuring that gemstones remain secure.”
Across all categories of the Spectrum Awards competition, noteworthy platinum jewelry trends included bezel settings in engagement rings, designs that paired platinum with moonstones for a dreamy, elegant white-on-white effect, and brooches for both men and women that incorporated multiple gemstone types in an array of cuts and sizes.
“The level of design this year was incredible,” said Luker. “I was particularly impressed by the innovation and execution. Platinum plays such a wonderful supporting role to gemstones, and that relationship has endured—and will endure—forever.”
AGTA Spectrum – Platinum Guild International (PGI) Platinum Honors
Best Use of Platinum & Color

Roland Krainz, Krainz Creations – Platinum “Ambrosia” necklace featuring Opals accented by Diamonds, Emeralds, Sapphires, and tsavorite Garnets (140.80 ctw.).
Best Use of Platinum Crown
Ricardo Basta, E. Eichberg, Inc. – Platinum “Everest” ring featuring a 9.70 ct. cushion-cut Tanzanite accented by Diamonds (1.67 ctw.).
Bridal Wear
Jeffrey Bilgore, Jeffrey Bilgore, LLC – Platinum “JuneStones for June Brides” necklace featuring a 27.02 ct. blue-sheen oval Moonstone accented by a 7.95 ct. natural conch Pearl, Alexandrites (3.23 ctw.), and Diamonds (10.36 ctw.).

Business/Day Wear
Gabriel Angulo, Pompos Jewelry Corporation – Platinum stretchable ring with titanium springs featuring a 5.42 ct. natural oval cabochon black Opal accented by Diamonds (5.15 ctw.) and Sapphires (3.28 ctw.).
Classical
Eve Streicker, Original Eve Designs, in collaboration with Rohan Agrawal – Platinum “Zellige” brooch featuring marquise-shaped Aquamarines (8.40 ctw.) accented by Diamonds (0.28 ctw.).
Engagement Rings
Underwood Design Team, Underwood’s Fine Jewelers – Platinum ring featuring a 3.66 ct. cushion-shaped Sapphire accented by Diamonds (1.22 ctw.).

Evening Wear
Joseph Dardashti, Joseph Dardashti, Ltd. – Platinum and 18K yellow gold “Horus Egyptian Revival” bracelet featuring Rubies (5.90 ctw.), blue Sapphires (3.75 ctw.), and Emeralds (0.70 ctw.) accented by Diamonds (6.50 ctw.) and Onyx (0.75 ctw.).
Innovative Design

Cari Goldman, Pieces by Cari, LLC, in collaboration with Alexsey Yarnikh – Platinum “Love Spun” ring featuring marquise crystal Opals (2.24 ctw.) accented by Diamonds (1.0 ctw.).
Men’s Wear
Ricardo Basta, E. Eichberg, Inc. – Platinum “Siren’s Relic” ring featuring a 5.35 ct. emerald-cut Zoisite.
These highlights offer a glimpse of the exceptional work recognized in the 2026 AGTA Spectrum & Cutting Edge Awards. We invite you to explore the complete collection of winning entries at AGTA.org and discover the artistry behind each award.
Many of the winning pieces will be on display during AGTA GemFair Tucson, January 31–February 4, 2027, at the Tucson Convention Center. For AGTA members and the wider trade, it is an opportunity to appreciate the gems and craftsmanship up close, connect with the community behind them and find inspiration for what comes next.
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