International News
Gold corrects 12% and Silver 15% in a week AUGMONT BULLION REPORT
- After setting a record high of $4398 last week, gold has dropped more than 12% to $3901, while silver has dropped around 15%. This seven-day correction has put an end to one of the longest bull runs in the history of the precious metal.
- With markets already factoring in another rate cut in December, traders are waiting for Fed Chair Jerome Powell to give them clues about the direction of monetary policy going forward.
- Investors, however, kept an eye on developments on a possible trade deal between the US and China that would further reduce demand for safe havens.
- A framework deal between Chinese President Xi Jinping and US President Donald Trump is anticipated to be finalised. The pact aims to loosen China’s limitations on rare earth shipments and stop more US tariff rises.
Technical Triggers
- First target achieved in Gold at $3960 (~Rs 119,000), prices could consolidate here and then fall to $3850 (~Rs 117,000).
- First target achieved in Silver at $46 (~Rs 140,000), prices could consolidate here and then fall to 45(~Rs 136,500).
Support and Resistance
| Category | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3,900/oz | $4,035/oz |
| Indian Gold | ₹117,500 /10 gm | ₹120,200 /10 gm |
| International Silver | $45/oz | $49/oz |
| Indian Silver | ₹140,000 /kg | ₹150,000 /kg |
International News
GJEPC Auckland Visit Targets Growth In India-NZ Jewellery Trade
The Opportunity In New Zealand Is Significant Relative To The Current Level Of Jewellery Trade. India’s Gem and Jewellery Exports To New Zealand Rose 50.56% To US$25.46 Million In FY2025-26, From US$16.91 Million In FY2024-25.
The GJEPC trade delegation’s Auckland programme has highlighted the scope for expanding India’s gem and jewellery exports to New Zealand as the two countries move towards implementing their recently concluded Free Trade Agreement (FTA).
The Auckland visit was part of GJEPC’s Australia and New Zealand trade delegation, held from 20-26 August 2026, with the delegation focused on connecting Indian manufacturers and exporters with buyers and industry stakeholders across the two markets.
The opportunity in New Zealand is significant relative to the current level of jewellery trade. India’s gem and jewellery exports to New Zealand rose 50.56% to US$25.46 million in FY2025-26, from US$16.91 million in FY2024-25.
The recently concluded India-New Zealand FTA is expected to create further opportunities for Indian exporters. New Zealand has committed to duty-free access for Indian exports across 100% of its tariff lines once the agreement enters into force.
On 26th August, Vijay Mangukiya, Convener – International Events, GJEPC and leader of the delegation, met Dr. Madan Mohan Sethi, Consul General of India in Auckland. Mangukiya has said the delegation was aimed at bringing Indian manufacturers and exporters closer to buyers and industry stakeholders in both Australia and New Zealand, with the objective of identifying new business opportunities and developing long-term partnerships.
The delegation’s Auckland market visits covered a broad cross-section of the local jewellery sector, including Michael Hill, Wallace Bishop, Hardy Brothers, Prouds, and Partridge Jewellers. The delegation also observed international luxury and contemporary jewellery brands including Van Cleef & Arpels, Roberto Coin, Messika and FOPE, reflecting the competitive environment in which Indian exporters would be seeking to establish or expand relationships.
India’s exports of individual jewellery categories to New Zealand also recorded strong growth in FY2025-26. Gold jewellery exports rose 84% to US$17.47 million, while silver jewellery exports doubled to US$0.91 million. Lab-grown diamond exports rose 2% to US$0.63 million, and imitation jewellery increased 13.16% to US$0.43 million. Cut and polished diamond exports were US$5.76 million.
The figures underline the growing contribution of finished jewellery to India’s New Zealand business. With the FTA expected to improve market access and the Auckland market showing demand across gold, diamonds, coloured stones, pearls and branded jewellery, GJEPC’s delegation is seeking to convert this existing growth into deeper commercial relationships.
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