International News
Gold hits new record high on US Tariff shift AUGMONT BULLION REPORT
Gold breaks $3500 on Bank of England rate cuts and US tariffs; Silver hits $38.5 resistance, prices may consolidate ahead of weekend.
- Gold reached a fresh high above $3500, with the Bank of England lowering interest rates for the sixth time this year and jobless claims increasing more than anticipated this week. The United States has placed taxes on imports of one-kilogram gold bars. Investors believe a rate cut in the United States is imminent as a result of the developments.
- Imports of one-kilogram gold bars were subject to taxes in the US, with Switzerland’s recently declared 39% tariff rate being one of the highest the Trump administration has levied. The rule states that duty amounts on one-kilogram and 100-ounce gold bars are now governed by a separate customs law. Switzerland, the largest gold refining hub in the world, which exports substantial amounts of refined bullion to the United States, may be greatly impacted by the decision.
Technical Triggers
- As suggested yesterday, Gold sustained above its resistance zone of $3440-50 (~Rs 101,300-500) and follow-through buying took prices towards the next target level of $3500 (~Rs 102,200).
- Targets also achieved in Silver as prices touched its resistance level of $38.5(~Rs 115,000), taking clues from gold.
- As Gold and Silver prices have touched resistance, prices are expected to consolidate in a range today with some profit booking due to the weekend.
Support and Resistance
International Gold Support Level : $3435/oz
International Gold Resistance Level : $3500/oz
Indian Gold Support Level : Rs 100,000/10 gm
Indian Gold Resistance Level : Rs 102,500/10 gm
International Silver Support Level : $36.5/oz
International Silver Resistance Level : $39/oz
Indian Silver Support Level : Rs 109,000/kg
Indian Silver Resistance Level : Rs 115,500/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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