International News
Gold moves up on softer dollar and safe-haven demand; Silver, platinum reach three-week highs
Gold edged higher today, supported by a softer dollar and safe-haven demand. Key events include US-Iran nuclear talks in Geneva and upcoming US jobless claims data. Silver, platinum, and palladium reached three-week highs on Wednesday amid geopolitical tensions and tariff uncertainty.
Spot gold rose 0.5% to $5,195.99 per ounce early Thursday after reaching a three-week high on Tuesday, while US April gold futures dipped 0.2% to $5,213.50. Silver, platinum, and palladium hit three-week peaks on Wednesday, driven by safe-haven buying; platinum reached around $2,307 per ounce, and palladium $1,828, amid supply concerns and tariff risks. Analysts noted re-pricing due to policy uncertainty and a subdued US dollar.
A softer US dollar boosted non-yielding metals like gold. Geopolitical risks from US-Iran nuclear talks in Geneva, focused on uranium enrichment, heightened safe-haven demand, with increased US military presence adding tension. Uncertainty over US tariff policies under President Trump, following court rulings and potential hikes to 15%, fueled volatility across precious metals.
Precious metals face upside from ongoing tariff fog and Middle East tensions, though stronger US data could cap gains. Investors eye jobless claims for Fed rate clues amid elevated prices: gold up 77% yearly, platinum 135%. Indian jewellery markets, sensitive to global trends, may see volatility in silver at Rs.285/gram.
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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