International News
Gold might have topped out at $3500 in the short-term :AUGMONT BULLION REPORT
- Gold prices fell more than 3% yesterday after reaching $3500, and the market appears to have peaked in the short term. Markets are still digesting President Donald Trump’s softer tone on the US-China trade war, as well as his turnaround on wanting to fire Federal Reserve Chair Jerome Powell.
- Treasury Secretary Scott Bessent said Wednesday that heavy tariffs between the United States and China must be decreased before trade talks can proceed, but he emphasized that President Trump will not unilaterally lower duties on Chinese imports. However, he noted that a full trade agreement could take two to three years to complete.
- Although recession worries have subsided, the global economy has already suffered significant harm, and rebuilding trust in the United States as a dependable trade partner will take time. In this context, gold is projected to be highly supported.
Technical Triggers
- In the short term, gold prices are expected to trade in the range of $3270 (~Rs 94000) to $3400(~Rs 96500). The long-term technical outlook will only turn negative if we begin printing lower lows and lower highs.
- Silver prices have given a breakout above $33(~Rs 97000), now the next target is $35 (~Rs 100,000).
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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