International News
Gold climbs $100 from its intraday low:AUGMONT BULLION REPORT
- Gold prices bounced up about $100 (~Rs 1500) from their intraday lows as investors appeared to be shifting back to safe-haven assets due to a slowdown in the pace of discussions between Russia and Ukraine and less-than-expected US data.
- As consumers reduced their spending on vehicles, sporting equipment, and other imported goods due to worries about rising prices brought on by tariffs, US retail sales barely increased in April.
- Concurrently, the PPI prices unexpectedly dropped due to a 1.6% decline in wholesalers’ and retailers’ margins, suggesting that businesses may be mitigating some of the effects of higher tariffs.
- Moreover, Trump claimed that no progress on Ukraine will happen unless he meets with Putin, while the Ukrainian president argued that Moscow’s low-ranking diplomats dispatched to Istanbul for peace talks indicate a lack of genuine determination.
Technical Triggers
- As Gold prices have broken the Double-top neckline support of $3200, more downside is expected up to $3000-50 (~Rs 87000 – 88000) in the short term.
- Silver prices are expected to get momentum now, as the tariff war has de-escalated. We are likely to see prices touching $34(~Rs 99000) and $35(~Rs 102,0000) soon in the coming days.
| Metal | Region | Support Level | Resistance Level |
|---|---|---|---|
| Gold | International | $3050/oz | $3260/oz |
| Gold | India | ₹92,000/10 gm | ₹94,000/10 gm |
| Silver | International | $31.5/oz | $33.5/oz |
| Silver | India | ₹93,500/kg | ₹97,500/kg |
International News
De Beers Assumes 100% Control Of Gahcho Kué Diamond Mine
A Global Slump In Diamond Demand Hit The Company Hard. Its Revenue Dropped 42% In 2025, and Average Diamond Prices Plummete
De Beers is taking 100% control of the Gahcho Kué diamond mine in Canada’s Northwest Territories. Its partner, Mountain Province Diamonds, was facing major financial trouble and agreed to hand over its 49% share in exchange for being cleared of all its debts to De Beers.
Here is why Mountain Province ran into trouble:
Falling Diamond Prices: A global slump in diamond demand hit the company hard. Its revenue dropped 42% in 2025, and average diamond prices plummeted—falling to just $36 per carat in the second quarter.
Massive Debt: Mountain Province was struggling to pay back tens of millions of dollars in short-term loans. Ratings agency S&P warning that the company was at high risk of defaulting on its debts.
Cost-Cutting and Emergency Funds: To stay afloat, the company paused expansion plans at the mine, delayed payments into environmental cleanup funds, and sold future diamond sales rights to major investor Dermot Desmond (an Irish billionaire) for quick cash.
Despite selling twice as many diamonds recently, prices were too low to cover their debts.
CEO Jonathan Comerford explained that trade tariffs and Middle East conflicts crushed diamond prices, leaving handing over their share of the mine as the best option to cancel liabilities and secure local jobs.
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