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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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Sotheby’s Breuer Opening Auction Achieves Nearly $14 Million With Exceptional Heritage Jewels

The luxury house expands its creative partnership with the K-pop icon, introducing limited-edition pieces that fuse high jewellery craftsmanship with global pop-culture appeal.

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The inaugural jewelry sale at Sotheby’s new Breuer building location showcases rare masterpieces from Boucheron, Belperron, JAR, Cartier and more—setting strong results across top lots.

Sotheby’s marked the debut of its New York Breuer building with an elegant inaugural jewelry sale titled A Legacy of Elegance: Jewels from an Exceptional Collection. The auction presented 56 curated lots from some of the most influential designers in jewelry history and closed with an impressive total approaching$14 million.

The top performer of the evening was a magnificent Boucheron laurel wreath necklace dating back to around 1888. Set with seven cushion-cut Burmese and Thai rubies and a mix of old mine-, old European-, and single-cut diamonds, the historic piece sold for $1.3 million, landing comfortably within its presale estimate.

The auction featured standout creations by celebrated names including Suzanne Belperron, JAR, René Boivin and Cartier—many of which surpassed expectations. Below are the remaining highlights from the top 10 results:

Reversible Pendant/Brooch: A vibrant multi-gem piece featuring pink topazes, rubies, diamonds, amethysts, sapphires, tourmalines and demantoid garnets sold for just over $1 million, more than doubling its $500,000 high estimate.

Diamond Earrings: A pair showcasing two pear-shaped diamonds — a 12.24-carat F/VVS2 and an 11.68-carat D/VS2 — realized $889,000.

Suzanne Belperron, 1966 Bib Necklace: Featuring topazes, morganites, aquamarines and diamonds, this statement creation brought in $825,500, exceeding its $350,000 top estimate.

JAR Quatrefoil Earrings: Pavé-set with rubies and diamonds, the pair sold for $698,500, above the $600,000 estimate.

JAR Rock Crystal & Sapphire Butterfly Brooch (circa 1987): Achieved $698,500, surpassing its $500,000 expected high.

Suzanne Belperron, 1954 Necklace: A cabochon sapphire and diamond bib-style piece that doubled its estimate, selling for $635,000.

JAR Wild Rose Brooch: Featuring a grey natural pearl framed by amethyst and sapphire petals, the brooch brought in $609,600, beating its $400,000 estimate.

Cartier 1930s Ruby & Diamond Bracelet: The invisibly-set classic reached $558,800, just over its high estimate.

JAR Frost-Inspired Earrings: Diamond-set branches radiating from pear-shaped center stones sold for $508,000, slightly above expectations.

The successful debut signals strong collector appetite for rare, historically significant jewels and reinforces Sotheby’s positioning at the forefront of high jewelry auctions.

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