International News
Gold edges lower on rebounding Dollar as trade war intensifies AUGMONT BULLION REPORT
As the trade war heats up, the dollar trades at a two-week high against the yen, while gold drops below $3300.
- A 50% tariff on copper imports, possible 200% duties on pharmaceuticals, and a 10% levy on goods from BRICS nations are just a few of the extensive new measures that President Donald Trump announced, ruling out future extensions to the August 1 tariffs.
- Meanwhile, following a strong US jobs report last week, which allayed concerns about a slowing economy, the Fed lowered its July rate drop predictions.
- The expectation for more rate cuts has also decreased because the tariffs are anticipated to increase US inflation in the upcoming months.
- Investors are now waiting for the minutes of the June FOMC meeting to be released in order to gain further understanding of the Fed’s policy position.
Technical Triggers
- Gold continues to trade near the lower side of the range of $3300 (~Rs 96250) and $3400 (~Rs 98500). If prices sustain below $3280 (~Rs 96000), weakness could further extend to $3200 (~Rs 94000).
- Silver is not able to sustain above its range of $37.5 (~ Rs 108,500) and $35.5 (~ Rs 105,000). Consolidation continues before heading higher towards the next target is $38 (~Rs 110,000)
Support and Resistance
For Gold
| Region | Support Level | Resistance Level |
|---|---|---|
| International Gold | $3280/oz | $3370/oz |
| Indian Gold | ₹96,000/10 gm | ₹97,700/10 gm |
For Silver
| Region | Support Level | Resistance Level |
|---|---|---|
| International Silver | $35.5/oz | $37.5/oz |
| Indian Silver | ₹1,05,000/kg | ₹1,10,000/kg |
DiamondBuzz
Diamond Slump forces Debswana to diversify into copper, platinum and solar
Diamond-centric mining models is giving way to broader resource portfolios
Debswana Diamond Company, the 50–50 joint venture between the Botswana government and De Beers, is moving to diversify into copper, platinum and renewable energy as the prolonged downturn in natural diamond demand pressures earnings and forces the industry to rethink its growth strategy.
The company’s board has approved plans to invest in a portfolio of non-diamond projects after revenue fell 46% in 2024, the latest available financial year, highlighting the scale of the downturn in the global diamond market.
The move signals a strategic shift toward commodities with stronger long-term demand fundamentals, particularly copper, which is central to global electrification and energy-transition infrastructure.
Debswana’s diversification reflects a broader industry pivot as diamond producers confront weak consumer demand, rising competition from lab-grown stones and elevated inventories across the supply chain.
The shift is also visible among smaller exploration companies. Botswana Diamonds recently rebranded as Botswana Minerals, signalling its own strategic focus on copper exploration rather than diamonds.
Together, these moves underscore a growing consensus across the sector: the era of diamond-centric mining models is giving way to broader resource portfolios anchored in energy-transition metals.
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