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Gold near fresh all-time highs ahead of US trading session

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Gold’s price (XAU/USD) is seeing gains tick up trading near $2,952 at the time of writing, fueled by a weaker US Dollar (USD) and softening US yields in a reaction to the recent German federal election outcome. Although the far-right party Alternative for Germany (AfD) has gained 20% of votes, the Christian Democratic Union of Germany (CDU) is comfortable in the lead with 208 seats against AfD’s 152. US yields dropped off and the CME Federal Reserve (Fed) Futures are now favoring a 25 basis points (bps) rate cut in June, where last week odds were rather for no rate cut in June.

Meanwhile, traders will watch the US Gross Domestic Product (GBP) release for the fourth quarter of 2024 later this week. Given the recent slowdown in US activity and economic data (for example, the softer Services Purchase Managers Index (PMI) reading on Friday), another drop in US yields could be triggered, with markets anticipating the Federal Reserve lowering its monetary policy rate to boost the economy and demand. The US dollar weakened after several reports and economic data points last week revealed that US business activity slowed and consumer confidence waned, with expectations for inflation surging and markets pricing in more rate cuts by the Federal Reserve this year.

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GIA, Gübelin Gem Lab Confirm Rare Tourmaline Discovery In Ethiopia

The Testing Revealed hat While The Stones Exhibit The Signature Electric Blues, Bluish-Greens, Violets, and Purples Typical Of Copper-Bearing Elbaite, Their Trace-Element Profile Is Distinct From South American and West African Counterparts.

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Two of the world’s foremost gemological authorities have verified the discovery of a significant new source of rare, copper-bearing tourmaline in Ethiopia, adding a major new supplier to one of the luxury jewelry sector’s most valuable gemstone markets.

Independent testing conducted by the Gemological Institute of America (GIA) and Switzerland-based Gübelin Gem Lab confirmed that newly circulating rough material originates from an Ethiopian deposit and qualifies as the coveted “Paraiba” variety. Historically, supply of the vivid, copper-infused gemstone has been restricted to limited deposits in Brazil, Nigeria, and Mozambique.

Reports of Ethiopian material first emerged across global trading networks in early 2026 as unrefined stones began appearing on international markets. Gübelin acquired and tested roughly 300 rough and cut specimens in May, while the GIA analyzed a parcel of more than 100 stones in July to establish origin baselines.

The testing revealed that while the stones exhibit the signature electric blues, bluish-greens, violets, and purples typical of copper-bearing elbaite, their trace-element profile is distinct from South American and West African counterparts.

Many specimens also display pronounced internal color zoning corresponding to subtle variations in chemical concentration during crystallization.

Both laboratories stated they will continue expanding their reference databases and analytical testing as commercial mining operations mature and additional Ethiopian rough enters the global supply chain.

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